- Maas Group (MGH) enters into a trading halt ahead of a capital raise
- So far, there is no detail on how much the company is aiming to raise or where it plans to spend the money
- The halt means company shares will be paused until Monday, August 1, or when further information has been released to the market
- Shares in Maas last traded at $4.05 on July 27
Maas Group (MGH) has entered into a trading halt ahead of a capital raise.
So far, there is no detail on how much the company is aiming to raise or where it plans to spend the money.
The halt means company shares will be paused until Monday, August 1, or when further information has been released to the market.
Founded in 2002, Maas is an Australian construction materials, equipment and services provider with diversified exposures across property, civil, infrastructure and mining sectors.
Just last week, the company quietly acquired Schwarz Excavations, a provider of plant
hire, rail maintenance, civil construction and haulage services in Rockhampton and Central Queensland.
The consideration for the acquisition includes an initial cash payment of $32.4 million and the future issue of 913,194 shares in Maas.
The company had acquired Blackwater Quarries with plans to use it as a platform for continued growth a few months ago.
Blackwater Quarries is located in Central Queensland and has four quarries with one concrete plant.
The quarries were anticipated produce more than 550,000 tonnes of construction aggregates each year while the plant produces about 10,000 cubic meters.
Shares in Maas last traded at $4.05 on July 27.