Sukuk 投资者应该就是这样看的：他们相信公司有能力按时支付利息，也相信公司的账目没有造假，开发成本也没有虚报。但即使如此，他们还是希望 TS Wong 继续担任最大股东，维持现有的股权格局。

所以，公司现在才会向管理团队授予 ESOS，让管理层也有更大的利益与公司业绩挂钩咯。说到底，如果公司真的有信心，账目清清楚楚，开发成本合理，现金流也经得起检验，那就应该用实际业绩来证明自己。

可是还是要问阿大妈和陈陈先到底对不对。

My own personal view is that Sukuk holders are basically investors lah. They lend money to a great company with a double-A rating like Mah Sing, and in return, they earn interest on their investment. Of course, they also don’t want to lose money, mah. The waiver is a good thing, but at the same time, they also want to make sure TS Wong stays motivated to continue bringing the company to greater heights. That’s why asking the company to grant ESOS makes sense. It’s already stated in the announcement anyway!