MGH announces acquisition of Quarries in Isaac Region, Central Queensland

Maas Group Holdings Limited (ASX: MGH) announced that it had signed a binding agreement to purchase four hard rock quarries and two sand quarries, which are located in the Isaac Region of Central Queensland. The consideration for the acquisition of these quarries is approx. AU$12.75 million, and shares worth up to AU$2.2 million to be determined at completion of this transaction and will be funded from previous cash reserves and debt facilities. These quarries mainly service the areas near Clermont, Middlemount, and Dysart, and are forecasted to produce in excess of 350,000 tonnes of quarry materials per annum.

This acquisition will increase the company’s capabilities in the Central Queensland region which already includes 9 quarries and 4 concrete plants, Schwarz Excavations, and Ellida, a 2,300+ lot master planned community in Rockhampton.

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