The Elmet Group Co. (NASDAQ: ELMT) has agreed to acquire a 4.99% stake in Masan High-Tech Materials Corporation (UPCoM: MSR), a wholly owned subsidiary of Masan Group (HOSE: MSN), at an implied equity valuation of $2.5 billion, the companies said.
Jefferies Singapore Limited served as exclusive financial adviser to MSR. Masan Group's subsidiary will retain approximately 87.46% ownership of MSR following the transaction. The parties target closing within the first half of October, pending regulatory and corporate approvals.
Concurrently, the companies announced commercial agreements committing Elmet to purchase approximately 1,250 tonnes of tungsten trioxide-equivalent annually over eight years. At prevailing tungsten prices, the arrangements are estimated to generate roughly $1.5 billion in aggregate gross revenue to MSR over the initial term. The agreements take effect upon completion of the transaction.
MSR operates an integrated tungsten mining and refining platform in Vietnam, supplying customers in the United States, Japan, South Korea and Europe. The company has plans to expand tungsten oxide production capacity to more than 8,000 tonnes per annum and recently added a potential 115 million tonnes of tungsten-polymetallic resources to its platform.
For the first six months of 2026, MSR reported revenue of approximately $423 million and net profit after tax of $83 million. Second-quarter revenue came in at $309 million with net profit of $63 million. Full-year 2026 is expected to yield revenue of approximately $1.4 billion and net profit after tax of about $233 million.
The company also announced a maiden dividend of 1.1 trillion Vietnamese dong, approximately $42 million.
Elmet and MSR have maintained a commercial relationship for more than twelve years.
