Sojitz to buy 5% of Masan High-Tech Materials at $125M floor

By Grace Kim

Masan said Japan’s Sojitz Corporation plans to buy a 5% stake in Masan High-Tech Materials (UPCoM: MSR) at a price no lower than $125 million, the level Elmet set in September for the same stake size.

What does the proposed deal cover?

Masan Horizon, a subsidiary of Vietnamese conglomerate Masan Group, will sell the stake. Masan said in a Monday statement that Masan and Sojitz had signed a memorandum of understanding for the transaction.

The memorandum sets a price floor rather than a final tag. It says the price will be “not lower than” the price Elmet set in September: $125 million for 5%. Masan Horizon would offer Sojitz the same stake size at no discount to the benchmark cited in the announcement. The Monday statement did not disclose a purchase price.

The MOU also provides for long-term commercial agreements under which Sojitz would distribute MSR’s tungsten and fluorite products in Japan. The Japanese market plan for MSR’s tungsten products would target customers in seven sectors:

• Semiconductors
• Artificial intelligence infrastructure
• Aerospace
• Energy
• Automotive
• Cemented carbide
• Chemicals

The proposed structure would give MSR a Japanese distribution channel and give Sojitz direct access to tungsten and fluorite from a supplier that Masan says accounts for nearly all of Vietnam’s current tungsten output.

How does Sojitz fit Masan’s shareholder plan?

Masan called the Sojitz agreement the second step in an expansion of MSR’s shareholder base, approved by Masan Group’s board on September 24, 2026.

The program has two stated goals. It aims to “strengthen long-term ties with customers and industries that recognise MSR’s product quality.” It also seeks to “attract strategic and institutional investors with long-term investment goals of MSR.” Sojitz would contribute the industrial relationship and minority capital described in the program.

Elmet’s September acquisition supplies the 5% price benchmark named in the Sojitz memorandum. TechNode’s linked September report described the U.S. company’s 5% purchase as backed by a $450 million Pentagon deal. The Sojitz memorandum does not state that its proposed investment carries the same defense-contract link.

The shareholder expansion adds a Japanese industrial partner while keeping the broader search for long-term investors open.

When can the transaction close?

Masan and Sojitz aim to sign definitive agreements “before the end of 2026, subject to procedures.” The Monday statement did not identify those procedures or provide a closing date beyond the year-end target.

The MOU covers both the proposed 5% sale and the long-term distribution arrangements. Definitive documents would convert those terms into final agreements; until then, the $125 million figure remains a floor rather than a closing valuation.

The year-end target leaves the equity transfer and Japanese distribution arrangement unfinished.

What does MSR own, and how is it performing?

According to Masan, MSR owns the Nui Phao mine and a tungsten processing complex in Thai Nguyen province, northern Vietnam. The company accounts for nearly all of Vietnam’s current tungsten output. Together, the mine, processing complex and near-total domestic output share define the asset base behind Sojitz’s proposed distribution role.

MSR reported strong results for the first nine months of 2026:

• Revenue reached VND25,687 billion, or $977 million, up 409 percent.
• EBITDA reached VND6,632 billion, up 353 percent.
• Post-tax profit before minority interests reached VND4,350 billion, compared with a loss of VND211 billion a year earlier.

The results cover nine months, not a full year. MSR moved from a VND211 billion loss to VND4,350 billion in post-tax profit before minority interests over the period.