On the other hand if they let the price drop further then ICPS will no longer be attractive, no more incentive left for the investors. Lets see how the price move from next week onward...

My take is that price might stay range bound at least until the ICPS is carried out. This is cash call, company needs help from investors to go thru this tough time together. However ICPS will not affect current eps at least for the next 4 years. My personal opinion is it is advisable to participate in ICPS if you are in it for mid-long term, not only bcoz Sunway is a great company, these rights issues will also be converted into ordinary mother shares in the 5th year @ cost of RM1/share (all in cost) and enjoy normal dividends as the rest.