The Elmet Group Co. has entered into a definitive agreement to acquire a 4.99% equity interest in Masan High-Tech Materials Corporation. The transaction, valued at approximately $124.75 million, is structured as a share purchase agreement with Masan Horizon Company Limited, the controlling shareholder of Masan.
Under the terms of the agreement, Elmet will purchase 55,138,174 ordinary shares of Masan High-Tech Materials. The shares are currently registered for trading on the UPCoM exchange under the trading code “MSR.” The transaction is expected to close on October 1, 2026, with settlement scheduled for October 5, 2026, subject to the satisfaction of closing conditions, including regulatory approvals and the accuracy of representations and warranties.
In addition to the equity purchase, the companies have entered into a Shareholders’ Agreement that outlines several key provisions. Elmet is entitled to dividends and distributions from Masan starting on the settlement date, provided the company does not participate in interim dividends for the 2026 financial year. The agreement also stipulates that Masan will target a dividend payout ratio of up to 80% for three financial years following the closing date.
Elmet will also secure governance rights, including the right to nominate one director to Masan’s board of directors, contingent on Elmet maintaining at least an 80% ownership stake in the company. The agreement includes lock-up provisions preventing Elmet from transferring its shares for 18 months following the closing date. Furthermore, the companies have established an Offtake Rights Committee to coordinate volumes and logistics for tungsten supply agreements.
Elmet is a U.S.-based provider of critical materials and precision-engineered components, while Masan High-Tech Materials is a leading global producer of tungsten materials, operating the Nui Phao Mine in Vietnam. The acquisition formalizes a commercial relationship between the two companies that has spanned more than 12 years.
