Revisiting $SCGM / 7247 (SCGM BHD) after share price has silently drifted back to ~53sen, could there be an opportunity here again?

What do we know so far...

1. 31mil shares were DBT'd off to a couple called Chin kok Tian and Yan Hua Lan, at RM 0.65 per share.

2. In Early Feb, another block of 7.75 mil shares were DBT at RM 0.65 per share, but recipient unknown at that point in time.

3. A final block of 7.75mil shares were DBT at RM 0.60 per share at the end of March to Mr Tan Ah Tek. (the earlier 7.75mil shares was found out to be also to him, bringing his total holding to 15.5mil units)

4. The land that mitsui & FPCO didn't want was sold off in early Feb for RM 18.5mil in cash to Dato Goh Cheng Huat (of $EMETALL / 7217 (EONMETALL GROUP BERHAD) / 7217 (EONMETALL GROUP BERHAD) ) and Denis Lim Seng Huat (from Mercury Securities).

5. The Lee family brothers have continued to dispose their shares in the open market at RM 0.60 and RM 0.56. For such large disposals, there's probably already an agreement for someone to pick up from the open market.

6. The company has around another 5 months to finalize a regularisation plan to acquire a new business.

Actionable insights:

1) Would be good to find out who the new substantial holders are. Speculatively, it is said they are from Emma group of companies looking for backdoor listing.

2) At current share price, could there be an arbitrage opportunity again? The company has about 62sen in pure cash (after selling off their assets). We should see some reaction closer to the completion of the regularisation plan. Assuming it takes 4-5 months, and the share price can go back to cash value, we're looking at about a potential ~17% gain in less than half a year. Remember that some shareholders were willing to pay RM 0.65 for this; and surely they would want to earn something too.

What do you think? Possible for one last ride?