AsemconnectVietnam - Elmet will acquire 4.99% of MSR shares from a wholly owned subsidiary of Masan Group (MSN - HOSE), corresponding to an equity valuation of US$2.5 billion based on the transaction value. After the transaction, Masan Group will remain the controlling shareholder of MSR with an ownership stake of approximately 87.46%.

The completion of the equity investment is subject to meeting the necessary conditions for completing the transaction, including necessary approvals from regulatory authorities and competent business levels. Commercial agreements will take effect after the transaction is completed. Both parties aim to complete the transaction in the first half of October.
In parallel with the equity investment, MSR and Elmet have signed long-term agreements with committed production volumes. Accordingly, MSR will supply Elmet with tungsten products and processing services from the company's integrated mining and processing platform in Vietnam.
These agreements elevate the more than 12-year trade relationship between the two parties into a long-term partnership with committed production for over 8 years, thereby providing a regular revenue stream and enhancing the prospect of profitability for MSR for many years to come.
Based on MSR's existing scale and processing capacity, the two parties will also cooperate in developing additional tungsten concentrate supplies from international partner mines for processing in Vietnam, to meet the growing demand in the global market. The agreements include approximately 1,250 tons of WO₃ equivalent per year, corresponding to an estimated gross revenue of approximately US$1.5 billion for MSR during the initial cooperation period, based on current tungsten prices.
Previously, MSR announced the strengthening of its “Global Strategic Materials Platform,” with the potential to add 115 million tonnes of polymetallic tungsten resources and expand tungsten oxide production capacity to over 8,000 tonnes of WO₃ per year.
In the first six months of 2026, MSR recorded revenue of approximately US$423 million and after-tax profit of approximately US$83 million. The second quarter alone contributed US$309 million in revenue and US$63 million in after-tax profit. These business results were supported by increased tungsten consumption, sustained high real APT prices, and improved operational efficiency. MSR also paid its first dividend totaling VND1,100 billion (approximately US$42 million), and expanded its tungsten oxide conversion capacity to meet growing demand.
In 2026, MSR is expected to achieve revenue of approximately US$1.4 billion and after-tax profit of approximately US$233 million.
Source: VITIC/Bao Tai chinh – Dau tu