Masan High-Tech Materials (MSR) Sets 2027 HoSE Listing, Sells 4.99% to US Elmet Group

Overview

Masan High-Tech Materials (MSR), currently traded on UPCOM, has approved a roadmap to list on the Ho Chi Minh City Stock Exchange (HoSE) in 2027. As a first step, parent company Tầm nhìn Masan transferred 4.99% of MSR, equal to 55.14 million shares, to US-based The Elmet Group Co. (Nasdaq: ELMT) for approximately VND 3,240 billion. The move is designed to broaden MSR’s shareholder base and lift its free float ahead of the listing.

Key Facts

• MSR targets completion of HoSE listing conditions and submission of its listing application in 2027.
• Tầm nhìn Masan transferred 55.14 million MSR shares, or 4.99% of shares outstanding, to The Elmet Group Co.
• The block trade was valued at nearly VND 3,240 billion, implying roughly VND 58,800 per share.
• The transaction was executed via put-through on the morning of 1 October 2026, not on-screen matching.
• MSR plans to issue an additional ~5% of shares to strategic and institutional investors, domestic and foreign.
• Tầm nhìn Masan may transfer up to 10% of MSR to qualified strategic and long-term institutional investors.
• Masan Group is expected to retain approximately 75% of MSR’s charter capital through the HoSE listing date.

What Happened

According to a Board of Directors resolution, MSR will implement a roadmap to strengthen its shareholder structure and improve the liquidity of its shares to meet HoSE listing criteria. The plan centers on raising the free-float ratio and diversifying the shareholder base. Tầm nhìn Masan, MSR’s parent, will work with related parties on an ownership restructuring that could see it transfer up to 10% of MSR to strategic investors and qualified long-term institutional investors. Transfers will be conducted via put-through with professional securities investors, and per-tranche pricing will not be lower than the price agreed with the first strategic investor.

The first such transfer has already occurred. On the morning of 1 October 2026, 55.14 million MSR shares changed hands in a put-through valued at nearly VND 3,240 billion, or about VND 58,800 per share. That volume matches the stake Tầm nhìn Masan registered to sell to The Elmet Group Co., a US company listed on Nasdaq under the ticker ELMT, representing 4.99% of MSR’s outstanding shares. In parallel, MSR intends to issue roughly 5% more shares to strategic and institutional investors and/or professional securities investors, prioritizing those committed to long-term holding. Proceeds may fund expanded mining and deep processing at Núi Pháo and the development of higher-value tungsten and strategic mineral products. The company said Masan Group is expected to keep about 75% of MSR until the HoSE listing.

Market Context

MSR trades on UPCOM, Vietnam’s unlisted public company market, where liquidity is typically thinner than on HOSE or HNX. On 1 October 2026, the shares closed at VND 55,000, down 1.27%, on volume of 441,400 shares, a fraction of the 55.14 million shares moved in the put-through. The gap between the negotiated price of roughly VND 58,800 and the on-screen close of VND 55,000 indicates the strategic buyer paid a premium to the prevailing market price. The listing roadmap fits a broader trend of UPCOM companies seeking main-board listings to access deeper capital pools and index eligibility.

Strategic Significance

For long-term investors, the transaction does two things. First, it introduces a US-listed industrial counterpart as a strategic shareholder, which could support MSR’s tungsten and strategic minerals business through technology, offtake, or market access rather than capital alone. Second, the commitment to retain roughly 75% ownership signals that Masan Group intends to keep MSR as its consolidated strategic minerals platform while still meeting HoSE free-float requirements. The planned ~5% issuance tied to Núi Pháo expansion suggests the listing is not merely a technical exercise but part of a funding strategy for deep processing capacity, where margins are higher than in raw concentrate sales.

What to Watch

• Details of the ~5% issuance: timing, pricing floor, and identity of subscribers.
• Further put-through tranches from Tầm nhìn Masan, up to the 10% ceiling.
• Progress on HoSE listing conditions, including free-float and governance benchmarks, ahead of a 2027 filing.
• Capital expenditure announcements for Núi Pháo deep processing and tungsten product development.
• Any disclosure from The Elmet Group on its intended holding period or operational role in MSR.