Australia's Maas Group set for worst day after sale of construction materials division

Shares of Australia's Maas Group MGH.AX slide 23.2% to A$4.30, on track for their worst session ever

Stock at its lowest since November 24

Real estate firm says it would sell construction materials division to Heidelberg Materials Australia (HMA) for up to A$1.70 billion ($1.18 billion)

Co says certain freehold land will be retained by it and leased to HMA under long-term commercial lease arrangements

The transaction represents a valuation premium to MGH's current trading multiple and above comparable transactions in the construction materials sector, co adds

Around 4.5 mln shares change hands, nearly 9.2x 30-day average

MGH down 21.1% YTD

($1 = 1.4351 Australian dollars)