Maas Group Holdings (ASX:MGH) said the market speculation and commentary around the initial public offering of Firmus contributed to the recent activity in its shares, according to a Thursday Australian bourse filing.

In response to the Australian Securities Exchange's query, the company said that it is not aware of any undisclosed information that would explain the recent trading.

Maas Group Holdings is both an investor and, through its JLE unit, a supplier to Firmus.

The company's shares plunged past 23% in recent Thursday trade and has fallen almost 30% in the past five days.