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 acquire a 4.99% stake in Masan High-Tech Materials (MSR), listed on UPCOM, for USD 124.75 million, implying an equity valuation of roughly USD 2.5 billion. The two sides also signed a long-term tungsten supply agreement. The transaction ties Vietnam’s leading tungsten producer to a US counterparty that is expanding under a US Department of Defense contract worth up to USD 2 billion.

Key Facts

• Elmet Group will pay USD 124.75 million, equivalent to more than VND 3,000 billion, for a 4.99% stake in MSR.
• The price implies an equity valuation of about USD 2.5 billion for Masan High-Tech Materials.
• MSR disclosed the transaction on 24 September, alongside a long-term tungsten supply agreement with Elmet.
• Days earlier, Elmet received a contract worth up to USD 2 billion from a US Department of Defense agency.
• The US government committed up to USD 450 million to Elmet to expand the tungsten supply chain.
• Elmet listed on Nasdaq in May 2026 under the ticker ELMT, pricing its IPO at USD 14 per share.
• Elmet’s aerospace, defense and government segment contributed roughly 40% of revenue in some recent periods.
• MSR shares closed at VND 55,500 on 24 September 2026.

What Happened

Masan High-Tech Materials announced on 24 September that Elmet Group would subscribe for 4.99% of the company for USD 124.75 million, or more than VND 3,000 billion. The company said the transaction values MSR’s equity at approximately USD 2.5 billion. The two parties simultaneously signed a long-term tungsten supply agreement, according to the company’s announcement.

The counterparty, Elmet Group, operates under a new parent structure built around Elmet Technologies, a business with roots dating to 1929. Elmet listed on Nasdaq in May 2026 at USD 14 per share. Its products span strategic materials and components, high-power microwave systems, and materials refining and trading, serving aerospace, defense, semiconductor, medical and energy markets. The company runs manufacturing sites in Maine, Michigan and Ohio, and its Coldwater, Michigan plant houses a 5,500-tonne extrusion press. The filing does not disclose the pricing terms or duration of the tungsten supply agreement.

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 tungsten and rare-earth names have drawn increasing attention as Western buyers seek supply chains outside China. A USD 2.5 billion implied equity valuation is a substantial marker for an UPCOM-listed materials company, and the tie-up with a Nasdaq-listed US defense supplier gives MSR a direct channel into US strategic-materials demand.

Strategic Significance

The core thesis is vertical integration into Western defense supply chains. Elmet’s US government backing, including a contract worth up to USD 2 billion and up to USD 450 million in committed investment, is aimed at reducing reliance on Chinese tungsten. By taking a 4.99% stake just below the 5% threshold that triggers additional disclosure and foreign-ownership scrutiny in Vietnam, Elmet secures preferential access to MSR’s tungsten output without a control premium. For MSR, the supply agreement converts a commodity producer into a contracted supplier to a US defense-linked buyer, which could support pricing visibility and long-term offtake volumes.

What to Watch

• Disclosure of the tungsten supply agreement’s volume, pricing mechanism and duration.
• Whether Elmet increases its stake above 5%, which would trigger additional filing requirements.
• MSR’s next financial statements for evidence of contracted offtake volumes and margins.
• Progress on Elmet’s US Department of Defense contract and the USD 450 million US government investment.
• Any follow-on agreements with other Western strategic-materials buyers or Vietnamese regulatory filings on foreign ownership.