The answer is it depends on what final project debt/equity ratio is most beneficial to the company.
I don't have the exact figure (I'll work it out later), but somewhere between US20 - 30m has already been spent on the capital cost of the plant which includes the land in Johor and Meckering. Assuming 30m that leaves US268m.
Maximum loans 190m+90m
Additional Equity required is 100m (from AAM hopefully)
Total = 380m
380-268 = 112m which is more 12m than we require.
Shane mentioned in passing we need around another US80m in equity so I'm in the ballpark.
If we have another CR plus SMS's additional equity it seems to me they could build up quite a war chest beyond what is required to build the Johor plant.
That war chest maybe cash in bank and/or only a partial drawdown on the mezzanine loan. (They will borrow 100% of the KfW loans as the rates are so much lower than the mezz)
Money that can be used for early work on the second plant.
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