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MAAS Group Holdings Limited (ASX:MGH)

ALERT: Price-sensitive ASX Announcement for MGH
Current share price for MGH : $3.965 -0.995 (-20.06%)+
Announcement
Release
9 Oct 2026 2:43PM
Price at Release
$4.960
Full Release
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Summary
Maas Group Holdings Limited announced that Firmus Grid Limited has withdrawn its ASX listing application due to recent market volatility and prevailing conditions, with the Firmus board concluding that an IPO would not properly reflect the strength of its business or long-term growth outlook and was therefore not in shareholders’ best interests; Firmus will instead seek private capital and consider other market options. MGH disclosed that during calendar year 2026 it acquired 1,088,861 ordinary shares and 1,091,100 preference shares in Firmus at an average historical cost of about $188 per share, or $3.76 per share after adjusting for Firmus’ proposed 50:1 share split. MGH also stated that its subsidiary JLE Group continues to perform previously announced contracts for Firmus relating to modular Power Cubes and associated electrical scope for current AI Factory projects, with work orders totalling approximately $1.1 billion across FY26 and FY27, of which $373 million has been received in payments, and the company expects the work orders to be completed by the end of calendar year 2027.
Key Points
  • Firmus Grid Limited withdrew its application to list on the ASX due to market volatility and prevailing market conditions.
  • Firmus said the IPO terms would not appropriately reflect the strength of its business and long-term growth outlook.
  • Firmus plans to pursue private capital and consider alternative public and private market options.
  • MGH acquired 1,088,861 ordinary shares and 1,091,100 preference shares in Firmus during CY26.
  • MGH’s average historical cost was approximately $188 per share, or $3.76 per share adjusted for Firmus’ proposed 50:1 share split.
  • MGH subsidiary JLE Group continues delivering contracts for modular Power Cubes and associated electrical works for Firmus AI Factory projects.
  • JLE received work orders from Firmus totalling approximately $1.1 billion during FY26 and FY27.
  • MGH has received payments totalling $373 million under these work orders.
  • MGH expects the Firmus work orders to be completed by the end of CY27.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.