- MAAS Group Holdings (MGH) signs an agreement for the acquisition of an additional quarry in Queensland
- The acquisition for the The Earth Commodities hard rock quarry operation in Gladstone is subject to customary conditions, with the transaction expected to be complete in October 2021
- The quarry currently produces up to 400,000 tonnes per annum, with up to one million tonnes of production approved
- The announcement follows a capital raise for $90 million through a placement and share purchase plan, where 16.4 million new shares were issued at $5.50 each
- MAAS Group Holdings is up 1.66 per cent, trading at $5.51 at 2:05 pm AEST
MAAS Group Holdings (MGH) has signed an agreement for the acquisition of an additional quarry in Central Queensland.
The acquisition of the Earth Commodities hard rock quarry operation in Gladstone is subject to customary conditions, with the transaction expected to be complete in October.
The quarry currently produces up to 400,000 tonnes per annum and holds an approval for annual tonnage of up to one million tonnes.
The company says the acquisition will enable MAAS to realise synergies within its Central Queensland Construction Materials business, which was first established through the acquisition of the Amcor quarry and concrete business in Rockhampton.
The announcement follows a capital raise for $90 million through a placement and share purchase plan, where 16.4 million new shares were issued at $5.50 per share.
Along with the acquisition, funds went towards strengthening MAAS Group’s financial position and reducing debt.
MAAS Group Holdings was up 1.66 per cent, trading at $5.51 at 2:05 pm AEST.