Australia's MAAS Group drops on deal to buy quarries in Queensland

MAAS group

01/08/2022 03:58

** Shares of MAAS Group Holdings  MGH.AX  fall as much as
4.3% to A$3.990, their biggest intraday pct loss since June 29 
    ** The construction co says it entered a bonding agreement
to acquire four hard rock quarries and two sand quarries in
Isaac region of Central Queensland  urn:newsml:reuters.com:*:nASXbGcJ6S
    ** Says quarries expected to produce in excess of 350,000
tonnes of quarry materials per annum
    ** Acquisition for consideration of A$12.75 mln ($8.92 mln),
plus A$2.2 mln in stock to be determined at completion, to be
funded from existing cash reserves and debt facilities
    ** Stock hits lowest level since July 20
    ** Stock down 21.3% this year, as of last close

    ($1 = 1.4296 Australian dollars)

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))