AGESON: Liability clearing?

A very interesting quarter reporting as shown below:-

Total Non-Current Liabilities  Q23Dec of 14k vs Q22Dec 13,670k

Total Current Liabilities          Q23Dec of 48,365k vs Q22Dec 135,307k

How is this possible? The answer is at page 9 of 17 QR link: Consolidated results for the financial period ended 31/12/2023 | https://www.klsescreener.com/v2/announcements/view/6604377

“…the Company has decided to undertake group restructuring exercise including disposed-off the dormant subsidiaries to facilitate the business strategy moving forward.”

Now, the assets portion:-

Total Non-Current Assets Q23Dec of 4,221k  vs Q22Dec 256,385k

Total Current Assets         Q23Dec of 162,304k vs Q22Dec 121,522k

Due to this assets stripping; 

NET ASSETS PER SHARE ATTRIBUTABLE TO 

OWNERS OF THE COMPANY (RM) as at Q23Dec of 0.38 vs Q22Dec 0.76 seeing the NA halved. The Price (P) over Net Assets Per Share (NAPS) still very much below one; still undervalue??

It is a very clear case of assets stripping and clearing “skeletion”; hopefully no more “skeleton” and now at very low risk??

As shown in page 8 of 17, quoted below:

“A10. VALUATIONS OF PROPERTY, PLANT AND EQUIPMENT 

The Group states its property, plant and equipment at cost less accumulated depreciation and accumulated impairment losses. The Group does not adopt a policy to revalue its property, plant and equipment.”, hopefully ‘the assets and Liabilities’ reporting will has a clearer understanding.

The next question is how much cash or losses being generated from this ‘assets stripping’?

On page 4 of 17, the cash generated most likely around “NET CHANGE IN CASH AND CASH EQUIVALENTS of  25,285k”.

Disclaimer: I am an accounting novice, understanding is strictly not 100% correct. Therefore, any disagreement is welcome. Happy Trading and TradeAtYourOwnRisk.