Sojitz signs agreement to acquire 5% of Vietnam tungsten supplier Masan High-Tech Materials

Japan's Sojitz Corp has entered into a memorandum of understanding to acquire a 5% stake in Vietnamese tungsten producer Masan High-Tech Materials, the Vietnamese conglomerate announced on Monday. The stake will be purchased from Masan Group's wholly-owned subsidiary, Masan Horizon, at a price equal to or greater than the amount paid by Elmet in its investment in MSR.

In September, Masan High-Tech announced its intention to sell a 4.99% stake to Elmet Group, a deal valued at approximately $2.5 billion, suggesting a value of around $125 million for the stake in question. The parties are aiming to finalize definitive agreements by the end of the year, pending completion of due diligence and regulatory approvals.