Elmet Group Completes 4.99% MSR Stake Purchase for USD 129.6M

Overview

US-based The Elmet Group Co. has completed the purchase of 55.14 million shares of Masan High-Tech Materials (ticker MSR), equal to 4.99% of the company, for nearly VND 3,240 billion (about USD 129.6 million). The block trade is part of Masan Group’s approved ownership restructuring at MSR, aimed at diversifying the shareholder base, raising free float and liquidity, and moving the tungsten producer toward a listing on the Ho Chi Minh City Stock Exchange (HOSE).

Key Facts

• The Elmet Group Co. acquired 55.14 million MSR shares, or 4.99% of shares outstanding, for nearly VND 3,240 billion (about USD 129.6 million).
• The agreed price was VND 58,800 per share, roughly 6% above MSR’s close of VND 55,300 on 30 September 2026.
• Seller Tầm Nhìn Masan registered to transfer up to 110.5 million MSR shares, or 10% of shares outstanding, between 1 October and 30 October 2026.
• Of that total, 55.14 million shares (4.99%) went to Elmet, while up to 55.36 million shares (5.01%) were registered for institutional investors at a comparable price.
• Before the transaction, Tầm Nhìn Masan held about 1.02 billion MSR shares, or 92.45%; after the full transfer, its holding is expected to fall to about 911.08 million shares, or 82.45%.
• Elmet will receive rights equivalent to a 5% shareholder, including convening general meetings and proposing agenda items, despite holding 4.99%.
• If Elmet retains at least 80% of the purchased shares, it may nominate one member to the MSR board; until then, it may send a non-voting observer.

What Happened

The transaction was executed as a put-through (thỏa thuận) trade on the morning of 1 October 2026, matching the volume that Tầm Nhìn Masan had registered to transfer to The Elmet Group Co. in a 28 September 2026 disclosure. The seller had registered to move up to 110.5 million MSR shares, or 10% of the company, with 55.14 million shares earmarked for Elmet and the remaining 55.36 million shares reserved for institutional investors at a similar price. The transfer window runs from 1 October to 30 October 2026.

According to the published rationale, the sale implements an ownership restructuring at MSR approved by the board of Masan Group Corporation, with the goals of broadening the investor base, increasing the free float and improving MSR’s liquidity ahead of a planned HOSE listing. In a filing with the US Securities and Exchange Commission, Elmet disclosed that Tầm Nhìn Masan has committed to granting it certain rights equivalent to a 5% shareholder, including the right to request an extraordinary general meeting, propose agenda items, and seek cancellation of general meeting resolutions where permitted by law. Elmet will also receive audited consolidated financial statements within 90 days, semi-annual statements within 60 days, quarterly accounting reports within 45 days, and tungsten-segment information needed for its US reporting obligations.

Market Context

MSR trades on the UPCOM exchange, Vietnam’s unlisted public company market, and closed at VND 55,000 on 1 October 2026, down 1.27% on volume of 441,400 shares. The negotiated price of VND 58,800 per share represents a premium of roughly 6% to the 30 September close of VND 55,300, indicating that the buyer accepted a premium to secure a strategic stake. The deal is part of a broader trend of Vietnamese materials and mining companies restructuring ownership to meet listing standards and attract foreign institutional capital, with Masan Group seeking to unlock value in its high-tech materials subsidiary.

Strategic Significance

For long-term investors, the entry of a US strategic buyer at a premium price signals external validation of MSR’s tungsten and advanced materials platform, which is central to Masan Group’s plan to list the unit on HOSE. The transfer reduces Tầm Nhìn Masan’s holding from 92.45% to a projected 82.45%, a meaningful step toward meeting free-float requirements for a main-board listing. Elmet’s negotiated governance rights, including board nomination if it retains at least 80% of the stake, give it influence disproportionate to its 4.99% economic interest, suggesting it intends to be an active, long-term shareholder rather than a passive financial investor. The remaining 5.01% earmarked for institutional investors could further diversify the register and support liquidity ahead of any listing.

What to Watch

• Completion of the remaining 55.36 million share transfer (5.01%) to institutional investors by the 30 October 2026 deadline.
• Any formal announcement or filing regarding MSR’s planned listing on HOSE, including timing and eligibility criteria.
• Elmet’s retention of at least 80% of the purchased shares, which would trigger its right to nominate a board member.
• MSR quarterly and semi-annual financial disclosures, particularly tungsten-segment performance, given Elmet’s reporting requirements.
• Further changes in Tầm Nhìn Masan’s ownership percentage and any additional block trades.