MAAS Group Holdings Says Construction Materials Business Sale Secures FIRB Green Light, Shares Jump 7%

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MAAS Group Holdings (ASX:MGH) said the Australian Treasurer, through the Foreign Investment Review Board (FIRB), provided a notice of no objection to the proposed sale of its construction materials business to Heidelberg Materials Australia, according to a Friday Australian bourse filing.

The completion of the divestment now remains subject to the satisfaction of the approval of the sale by MAAS Group shareholders at its annual general meeting scheduled for Sept. 24, as well as the completion of the acquisition by a subsidiary of MAAS Group of the remaining shares in Asphalt Operators Australia, set for Sept. 25.

Subject to satisfaction of the remaining conditions precedent, settlement of the transaction is slated for October.

It's shares jumped 7% in recent trading on Friday.

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