Investing.com-- Shares of Australia's Maas Group (ASX:MGH) dropped on Friday after resuming trade following a trading halt, as investee AI data centre operator Firmus abandoned its planned $5 billion initial public offering.
Shares closed 6.7% lower at A$4.63 on Friday. The stock plunged 22.4% on Thursday after reports that Firmus was reconsidering the terms of its proposed listing.
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Maas resumed trading after it had entered a trading halt earlier in the day, pending a material announcement about its investment in Firmus and its contractual arrangements with the company.
Firmus, backed by Nvidia (NASDAQ:NVDA), withdrew its planned IPO on Friday, citing market volatility and prevailing conditions, and said it would pursue private-market funding.
Maas holds a 3.2% stake in Firmus, having committed an additional A$300 million in August. It also has significant commercial exposure through contracts for electrical infrastructure and power equipment at Firmus's planned AI data centres.
Original Article
Australia's Maas Group extends slide after Firmus scraps $5 bln IPO
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