Australia's Tasmea climbs to record high on Maxim Group acquisition plans

Tasmea

02/06/2026 04:33

** Shares of Tasmea TEA.AX rise as much as 19.1% to a lifetime high of A$8.23
** Stock logs its largest intraday pct jump to date
** The engineering services provider executes share purchase agreement to buy specialist electrical contractor Maxim Group Australia Pty for up to A$254 million ($181.76 million)
** Says acquisition positions company as a national specialist electrical platform exposed to mining, electrification, energy, data centres and infrastructure markets
** More than 1.7 million shares change hands, 2.4 times the 30-day average
** Stock up 93.8% YTD, including the day's moves
     
($1 = 1.3974 Australian dollars)

(Reporting by Nikita Maria Jino in Bengaluru)
((Nikita.Jino@thomsonreuters.com;))