SUNWAY mother price: RM3.30
SUNWAY-OR (rights to buy SUNWAY) price: RM1.47

Conversion price to the mother share: RM1.70

Theoritically, there's an opportunity here... Here's how it work...

BUY 1000 shares of SUNWAY-OR at RM1.47:                        RM1470
CONVERT SUNWAY-OR into mother by paying RM1.70:      RM1700
Total Cost:                                                                                   RM3170

SELL SUNWAY at RM3.30
Total Money Received:                                                                RM3300

Net Arbitrage Gain:  RM3300 - RM3170 = RM130

But remember this is only theoretical as these need to be fulfilled:
1. SUNWAY mother share (after conversion) will still trade at current level.
2. This calculation exclude broker commission.
3. This calculation ignore time cost to fill in the conversion form and submit it.