Short-term investments: RM902 million

Cash: RM120 million

Total cash & equivalents: RM1.022 billion

Total liabilities (short + long term): RM71 million

✅ Net cash: RM951 million

With 558 million shares outstanding, net cash per share = RM1.70.
Yet the stock trades at RM1.30 — cheaper than cash.

That’s before including ships, FPSOs (e.g. Perdiz), EMC Papan, land, yards, and any future earnings.