ARBB composes of ARBB and ARBB-PA (or Preference shares)

where preference shares are converted into ARBB shares, hence ARBB number of shares increase.

to calculate the dilution impact of the conversion, look at how many PA shares there exist. What does your share platform show? IIRC the number of PA shares is more than ARBB shares itself.

Conversion price is 20 sen.

So assuming FULL dilution, just add the total of ARBB-PA shares with the current ARBB shares.
IRRC that should be about 1 billion shares.

Conversely, you can search Bursa website, look for the old announcement from ARBB which lists the full detail of its PA shares. In it there should a word file or pdf file. In it, the fully diluted num of shares is shown.
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The conversion of shares to mother shares is an issue itself. (it is more important than the PE of the stock)
It creates an overhang.

Because there exist ppl who just buys the pa (or even warrant shares - best example AT WA shares which was in the money) and converts...
Once it is granted listing... they just sell and profit the arbitrage.

They don't care about the stock potential or what not.
Buy, convert and sell.

If this happens regularly, and say you are in ARBB, you will be left wondering... why the stock potential so good but everyday got sellers lining to sell....
anyway... iirc ... this stock ARRB and its PA stock was talked in early May.

Compare the prices then and now.......