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Status: The Special Issue is not fully completed. It is designed to be implemented in multiple tranches, meaning more shares will be issued over time as investors are identified .
· Purpose: The proceeds (up to ~RM24.37 million) are for working capital and repaying bank borrowings .
If you're concerned about dilution, the full issuance represents about 12.5% of the enlarged share capital,
As AI.....Digging deeper, a core concern is the gap between the company's reported profit and its actual cash flow:
· Non-Cash Earnings: Steel Hawk reported a net profit of RM6.94 million, yet simultaneously recorded a negative free cash flow of RM36 million.
· Red Flag (Accrual Ratio): Its accrual ratio of 0.41 suggests profits are not backed by actual cash. Historically, high accrual ratios often signal weaker future profitability.
