The bulk of the debt comes from the UiTM sukuk, as well as their long term loans against the investment properties that they own. Minus all these ring-fenced debts, their operating gearing is 0.3 only which is very healthy for a construction counter.

Jian Hua Wong, that might requires at least 3-5 years, judging at the difference between debts and cash flow. I am still not convinced though.

Lim Jimmy, ring-fenced debts are still debts right? I don't think we as investors should compromise this. Having debts mean having the chance to go bankruptcy.

Just my 2 cents. :)