Japan Sojitz to Acquire 5% Stake in Vietnam Masan High-Tech Materials Following $125M Elmet Deal

The agreement is expected to strengthen MSR’s international partnerships and expand its presence in Japan’s tungsten market.

Sojitz and Masan Sign Memorandum of Understanding

Masan Group announced on November 9, 2026, that Masan and Sojitz have signed a memorandum of understanding (MoU) for the proposed investment.

Under the agreement, Sojitz will acquire a 5% stake in Masan High-Tech Materials at a price not lower than the valuation established in September, when Elmet Technologies agreed to acquire a 5% stake for $125 million.

The companies aim to complete definitive agreements before the end of 2026, subject to the required procedures.

Strategic Partnership to Expand Tungsten Sales in Japan

Along with the investment, the MoU includes plans for long-term commercial agreements. Under these arrangements, Sojitz will distribute Masan High-Tech Materials' tungsten and fluorite products in Japan.

The partnership will help MSR expand its tungsten business by connecting with customers in several industries, including:

• Semiconductors and AI infrastructure
• Aerospace and energy
• Automotive
• Cemented carbide
• Chemicals

Sojitz will use its distribution network and market presence in Japan to develop new business opportunities for MSR's tungsten products.

Part of Masan's Shareholder Expansion Strategy

The proposed investment is the second step in Masan High-Tech Materials' plan to expand its shareholder base. Masan Group's board approved the programme on September 24, 2026.

The strategy aims to bring in strategic and institutional investors with long-term investment plans. It also focuses on building stronger relationships with customers and industrial partners that recognise the quality of MSR's products.

The partnership with Sojitz is expected to support these objectives while strengthening the company's international business connections.

Masan High-Tech Materials' Mining and Processing Operations

Masan High-Tech Materials 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 production. Its operations make it an important supplier of tungsten, a material used in semiconductors, aerospace, automotive components, industrial equipment, and other advanced applications.

Strong Financial Performance in 2026

Masan High-Tech Materials reported significant financial growth during the first nine months of 2026.

The company recorded revenue of VND25,687 billion (approximately $977 million), representing a 409% increase compared with the same period last year.

Its EBITDA reached VND6,632 billion, up 353%. Post-tax profit before minority interests stood at VND4,350 billion, compared with a loss of VND211 billion in the first nine months of 2025.

The proposed Sojitz investment and commercial partnership could further support MSR's international expansion and strengthen its position in the global tungsten supply chain.

About Masan High-Tech Materials

Masan High-Tech Materials (MSR) is a Vietnam-based advanced materials company and a subsidiary of Masan Group. It operates the Nui Phao mine and a tungsten processing complex in Thai Nguyen province. The company produces tungsten and other industrial minerals for customers across global industries.

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