Firmus Withdraws ASX Listing Application
Key points
- Firmus Grid Limited decided to withdraw its ASX listing application due to market volatility
- Firmus will pursue capital from private markets
- MGH continues to deliver on contracts with Firmus for modular Power Cubes
- JLE Group has received work orders totaling approximately $1.1 billion
Full summary
Maas Group Holdings Limited (MGH) announced that Firmus Grid Limited (Firmus) has decided to withdraw its application to list on the ASX. The Firmus board determined that recent market volatility and prevailing conditions would not reflect the strength of Firmus' business and long-term growth outlook. Consequently, Firmus will seek capital from private markets and explore alternative public and private market options. MGH, through its subsidiary JLE Group, continues to fulfill contracts with Firmus for the manufacturing of modular Power Cubes and associated electrical scope for Firmus' current AI Factory projects. JLE has received work orders totaling approximately $1.1 billion for FY26 and FY27, with payments received amounting to $373 million. MGH anticipates these work orders to be completed by the end of CY27.
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