Sojitz to Buy 5% of Masan High-Tech Materials (MSR) at No Less Than Elmet's Price

Overview

Masan Group (HOSE: MSN) and Japan’s Sojitz Corporation (TSE Prime: 2768) said on 9 November they signed a memorandum of understanding under which Sojitz would buy a 5% stake in Masan High-Tech Materials (UPCoM: MSR) from wholly owned subsidiary Masan Horizon. The price is set at no lower than the entry price paid by US partner The Elmet Group, and the deal carries long-term distribution agreements for MSR’s tungsten and fluorite output in Japan.

Key Facts

• Sojitz would acquire a 5% stake in Masan High-Tech Materials from Masan Horizon, a 100%-owned Masan Group subsidiary.
• The MOU sets the purchase price at no lower than Elmet’s investment price in MSR; the filing does not disclose the absolute value.
• Elmet (NASDAQ: ELMT) completed its investment in MSR on 1 October 2026 after more than 12 years as a commercial partner.
• Sojitz would also sign long-term commercial agreements to distribute MSR tungsten and fluorite products in Japan.
• Target end-markets named include semiconductors, AI infrastructure, aerospace, energy, automotive, hard alloys and chemicals.
• Definitive agreements are targeted before the end of 2026, subject to due diligence and required approvals.
• The shareholder-expansion programme was approved by the Masan Group board on 24 September 2026; this is its second step.
• MSR shares closed at VND 61,400 on 8 November 2026; MSN closed at VND 73,000.

What Happened

According to the joint announcement, Masan Group and Sojitz signed the MOU on 9 November. Sojitz would purchase the 5% MSR holding from Masan Horizon at a price not lower than that paid by Elmet, whose investment closed on 1 October 2026. Alongside the equity purchase, Sojitz committed to commercial agreements covering distribution of MSR’s tungsten and fluorite products in Japan, giving the Vietnamese producer access to Japanese customers in semiconductors, AI infrastructure, aerospace, energy, automotive, hard alloys and chemicals.

The companies described the move as the second step in broadening MSR’s shareholder base, following Elmet, and said it follows Japanese customers’ assessment and recognition of MSR’s supply capability. Sojitz reached an agreement in principle to invest after that review. Definitive agreements are targeted before end-2026, pending due diligence and necessary approvals. The announcement does not disclose the transaction value, the exact Elmet entry price, or a timetable for regulatory clearance.

Market Context

MSN, listed on HOSE, closed at VND 73,000 on 8 November 2026, while MSR on UPCoM closed at VND 61,400. MSR sits in the mining and materials segment, where Vietnamese tungsten and fluorite producers are increasingly positioned as non-Chinese supply chain alternatives for US, Japanese, Korean and European buyers. The MOU extends a pattern in which Masan Group monetises and de-risks its high-tech materials subsidiary by bringing in industrial partners rather than purely financial investors.

Strategic Significance

The thesis rests on revenue visibility rather than a one-off capital gain. Sojitz is not a passive holder: it would develop the Japanese market for MSR tungsten, tying offtake to equity and giving MSR a second anchor customer bloc alongside Elmet in the United States. For Masan Group, selling down a sliver of MSR at a floor set by Elmet’s price establishes a reference valuation for the subsidiary while retaining control through Masan Horizon. The strategic question is whether MSR can convert its Núi Pháo resource base and Thái Nguyên refinery into contracted, multi-year volumes with semiconductor and aerospace customers, which would justify a re-rating of both MSN and MSR.

What to Watch

• Execution of definitive agreements before end-2026, including the final price relative to Elmet’s entry.
• Disclosure of the absolute transaction value and any implied MSR valuation.
• Regulatory and antitrust approvals in Vietnam and Japan.
• Terms and volumes of the tungsten and fluorite distribution agreements.
• Further steps in the MSR shareholder-expansion programme approved on 24 September 2026.