According to the SM1 update today the SAMR is on track and new China label production is expected to begin in Q4 FY23.
There is no SAMR application underway through MVM. It's only planned in the future and they need to complete some expansions to the facilities first. I suspect the plan would then be to obtain additional SAMR slots for other new China label products (like an ultra premium range) whilst still utilising the Synlait-obtiained one as well for their main China label product.
Still means no real benefit to a SM1 takeover right now when SAMR reapproval is probably about to be obtained anyway. I'm not really much of an expert on the manufacturing / production side of things but it seems like way more involvement (and exposure) in manufacturing then they would need.
Media Updates, page-12433
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