Japan’s Sojitz Corporation signed a memorandum of understanding for a proposed 5% stake in Vietnam’s Masan High-Tech Materials Corporation, Reuters reported, citing Masan Group; the producer’s materials serve several industrial sectors.
Reuters identified Masan Horizon, a wholly owned subsidiary of Masan Group, as the seller. The proposal remains subject to due diligence and regulatory approvals.
Reuters also said Sojitz’s price would be no lower than the amount paid by Elmet for its earlier investment in the company. The report did not give the proposed payment or an implied valuation for the stake.
A filing with the U.S. Securities and Exchange Commission says The Elmet Group Co. (Elmet) agreed Sept. 23 to buy 55,138,174 shares, or 4.99% of Masan High-Tech Materials, for about $124.75 million. Those figures describe Elmet’s transaction, the prior purchase Reuters cited as a pricing benchmark, rather than disclosed terms for Sojitz.
Masan High-Tech Materials said Elmet’s purchase was completed Oct. 1 at an implied equity valuation of $2.5 billion. Masan also described a multiyear tungsten supply arrangement for U.S. customers alongside Elmet’s investment.
Masan said the Elmet transaction could help build longer-term commercial ties with customers seeking reliable tungsten, and that it would consider comparable partnerships in other markets. The company lists semiconductors, aerospace, energy, automotive, specialty alloys and advanced manufacturing among markets for its strategic materials.
Masan has set 2027 as its target year to file for a listing on the Ho Chi Minh Stock Exchange. It has linked broadening its shareholder base to that goal.
Reuters put the signing target for definitive agreements at the end of 2026, subject to due diligence and regulatory approvals. That is a target for signing agreements; Reuters did not give a date for completing the proposed sale.
