By Digifin Pty Ltd · About this coverage
Key Points
- Firmus Grid has withdrawn its application to list on the ASX
- MGH holds 1,088,861 ordinary and 1,091,100 preference Firmus shares acquired in CY26
- Average historical cost of approximately $188 per share, or $3.76 after the proposed split
- JLE Group has approximately $1.1 billion of Firmus work orders, with $373m received
About MAAS Group (ASX:MGH)
MAAS Group Holdings Limited is an ASX-listed diversified industrial company headquartered in Dubbo, New South Wales. It operates across construction materials, civil construction and equipment hire, real estate development, and electrical infrastructure through its JLE Group subsidiary. Its activities have a focus on regional Australia.
MAAS Group (ASX:MGH) released this update after Firmus Grid withdrew its application to list on the ASX, setting out MGH's shareholding in Firmus and the status of its Firmus work orders.
MGH says the Firmus board cited recent market volatility and prevailing market conditions, concluding that the IPO terms would not appropriately reflect its business, and that Firmus will now pursue capital from the private markets 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 at an average historical cost of approximately $188 per share, or $3.76 per share adjusting for Firmus' proposed 50:1 share split. Through its subsidiary JLE Group, MGH continues to deliver contracts with Firmus for the manufacturing of modular Power Cubes and associated electrical scope for Firmus' current AI Factory projects. JLE has received work orders from Firmus totalling approximately $1.1 billion during FY26 and FY27, and MGH has received payments totalling $373m against them under the master service agreement. MGH currently anticipates the work orders being completed by the end of CY27.
The release does not state a current carrying value for MGH's Firmus shares, any earnings impact on MGH, or whether the IPO withdrawal affects the remaining work orders.
Source: MAAS Group Holdings Limited (ASX:MGH), 9 October 2026. Summary content supplied by Digifin Pty Ltd.
News summary only, not financial advice. It does not consider your objectives, financial situation or needs.