The Maas Group Holdings Ltd (ASX: MGH) share price is up 11% after revealing FIRB has approved its proposed sale.
Maas is a diversified industrial group operating across construction materials, civil construction, real estate and electrical infrastructure (JLE Group). Its electrical division designs and manufactures critical power distribution equipment for data centre, utility and infrastructure customers across Australia.
FIRB approval
MAAS gave investors an update about the sale of its construction materials business to Heidelberg Materials Australia (HMA).
The company is looking to sell the construction materials business for a cash consideration of $1.7 billion, including $1.58 billion payable at settlement and a further $120 million linked to the achievement of commercial milestones.
The company revealed that the Treasurer (through the Foreign Investment Review Board (FIRB)) has provided a notice of no objection to the proposed sale of the construction materials division to HMA.
The satisfaction of the FIRB approval condition represents a further key milestone towards completion of the transaction announced in February 2026.
MAAS noted that the Australian Competition and Consumer Commission (ACCC) granted clearance for the transaction on 31 July 2026.
With both regulatory approvals now obtained, the sale remains subject only to limited outstanding conditions.
One condition is the approval of the sale by MAAS shareholders of the company’s annual general meeting, which will be held on 24 September 2026.
The other condition is the completion of the acquisition of the remaining shares in Asphalt Operators Australia Pty Ltd, which is expected to complete on 25 September 2026.
The ASX share reminded investors that Wesley Maas and Emma Maas have confirmed their intention to vote in favour of the proposed transaction.
Once the remaining conditions have been satisfied, settlement of the transaction is expected to occur in October 2026.
Management comments
The founder and CEO of MAAS, Wes Maas, said:
Receiving FIRB approval is a further important milestone towards completing the sale of our construction materials business to Heidelberg Materials. With both the ACCC and FIRB approvals now secured and with only the shareholder vote at our upcoming AGM the key remaining step to satisfy prior to completion, our focus turns to the disciplined redeployment of capital into the next generation of infrastructure.
Final thoughts on the Maas share price
The company is doing what it thinks is the right move for shareholders and it is unlocking a significant amount of cash considering it has a market capitalisation of around $2 billion. The company could be undervalued at this level, even after its rise today, though it’s not one of the ones on my own watchlist.
