Maas Group repurchases shares as buyback tops $33M

• Maas Group bought back an additional 5.2 million shares on Wednesday, taking its total share repurchases to 33.2 million.
• The share price traded flat on Oct. 14 despite a 25% slide over the preceding five trading sessions.
• The company is utilising its buyback programme to support its share count after a key customer aborted its public listing.

Maas Group (ASX:MGH) repurchased 5.2 million of its own shares on Wednesday as part of an ongoing buyback programme that now totals 33.2 million shares.

The significant share buyback follows a sharp 25% drop in the company's share price over five trading days triggered by news involving key client Firmus.

The current buyback volume is approaching the company's allowed limit of 36.4 million shares, which represents 10 per cent of its share register for the twelve-month period through February 2027.

Brokerage firm Centec Securities, owned by company chairman Stephen Bizzell, is managing the on-market buyback programme.

Following the announcement, the Maas Group (ASX:MGH) share price was unchanged at $3.41.

The share price pressure came after Firmus aborted a planned $44 billion initial public offering, directly affecting the major client in which Maas holds a 3.2% stake.

Maas founder Wes Maas also maintains a personal holding in Firmus, a data centre developer that was expected to generate up to 60% of the engineering firm's revenue following its commercial materials division sale in February.