Elmet Group Buys 4.99% of Masan High-Tech Materials (MSR) for USD 124.75M

Overview

US strategic-materials group Elmet Group has agreed to invest USD 124.75 million, equivalent to more than VND 3,000 billion, for a 4.99% stake in Masan High-Tech Materials (MSR), the UPCOM-listed tungsten and advanced-materials producer. The transaction implies an equity valuation of about USD 2.5 billion for MSR and is paired with a long-term tungsten supply agreement between the two companies. The announcement was made by MSR on 24 September.

Key Facts

• Elmet Group will acquire 4.99% of MSR for USD 124.75 million, or more than VND 3,000 billion.
• The deal values MSR’s equity at approximately USD 2.5 billion.
• The two parties also signed a long-term tungsten supply agreement.
• Elmet recently received a contract worth up to USD 2 billion from a US Department of Defense agency.
• The US government has committed up to USD 450 million to Elmet to expand tungsten supply chains.
• Elmet’s core business, Elmet Technologies, dates to 1929 and listed on Nasdaq in May 2026 under the ticker ELMT at USD 14 per share.
• Aerospace, defense and government accounted for roughly 40% of Elmet revenue in recent periods; its Coldwater, Michigan plant operates a 5,500-tonne extrusion press, one of only two in the US.
• MSR closed at VND 55,500 on 24 September 2026.

What Happened

Masan High-Tech Materials said in a 24 September announcement that Elmet Group would subscribe to a 4.99% equity stake for USD 124.75 million. The pricing implies a total equity value of about USD 2.5 billion for MSR, well above the company’s current market capitalisation on UPCOM. Alongside the equity investment, the companies signed a long-term tungsten supply agreement, tying MSR’s upstream output to a US buyer.

Elmet Group operates through a new holding structure built around Elmet Technologies, a US materials business with roots going back to 1929. The group produces strategic metals including tungsten, molybdenum and niobium, precision components, and high-power microwave systems for aerospace, defense, semiconductor, medical and energy markets. Its products are used in satellites, submarines, semiconductor equipment and US government military programmes. Elmet listed on Nasdaq in May 2026 at USD 14 per share. The announcement did not disclose the transaction’s closing timetable or any governance rights attached to the stake.

Market Context

MSR trades on UPCOM, Vietnam’s unlisted public company market, and closed at VND 55,500 on 24 September 2026. The stock sits in the basic resources sector, where Vietnamese materials names have been sensitive to global commodity prices and to foreign-investor appetite for strategic-asset exposure. A 4.99% stake keeps Elmet below the 5% threshold that would trigger additional disclosure and foreign-ownership reporting requirements under Vietnamese securities rules, a structure commonly used by foreign strategic investors building initial positions.

Strategic Significance

The transaction reframes MSR from a commodity tungsten producer into a link in a US-aligned critical-minerals supply chain. Elmet’s US Department of Defense contract, worth up to USD 2 billion, and the US government’s commitment of up to USD 450 million to expand tungsten supply capacity give the supply agreement a policy dimension beyond ordinary offtake. For long-term investors, the key question is whether the partnership converts into higher realised prices, downstream processing investment in Vietnam, or further equity purchases by Elmet. The implied USD 2.5 billion valuation also sets a reference point against MSR’s listed market capitalisation, which the market may test over time.

What to Watch

• Confirmation of the transaction closing and any regulatory approvals required in Vietnam.
• Details of the long-term tungsten supply agreement, including volumes, pricing mechanism and duration.
• Any increase in Elmet’s stake above the 4.99% threshold, which would trigger additional disclosure.
• MSR’s next financial statements for evidence of higher realised tungsten prices or new downstream investment.
• Foreign-ownership room and UPCOM trading data for MSR following the announcement.