Vietnamese tungsten producer Masan High-Tech Materials is seeking shareholder approval for a private placement of up to 5% of its shares to long-term investors to fund mine expansion and downstream processing, following a stake sale to the Pentagon-backed US producer Elmet Group (NASDAQ: ELMT) last month.
The shares would be offered to strategic investors, domestic and foreign institutional investors and professional securities investors, the company said in a filing dated October 1.
Masan High-Tech owns Nui Phao, one of the world’s largest tungsten mines outside China. The mine accounts for nearly all of Vietnam’s estimated annual tungsten output of about 3,400 metric tons.
Proceeds would be used to expand mining and deep-processing operations at the Nui Phao mine, develop higher value-added tungsten and strategic mineral products, and strengthen the company’s balance sheet, according to the filing.
The offering price will not be lower than the most recent strategic transaction price, it added.
In September, Masan High-Tech announced that it would sell a 4.99% stake to Elmet Group in a deal valuing the company at about $2.5 billion, implying a value of roughly $125 million for the stake.
Shares in Masan High-Tech were trading at 60,500 dong on Monday afternoon and have risen 154% so far this year, according to LSEG data.
Tungsten, an extremely hard metal used in defence and electronics applications including ammunition and semiconductors, is classified by many countries as a critical mineral.
Masan High-Tech Materials currently trades on Vietnam’s Unlisted Public Company Market and is expected to meet requirements to list on the Ho Chi Minh City bourse in 2026. It will complete the transition by the first or second quarter of 2027, its chair Danny Le has said.
(Reporting by Phuong Nguyen; Editing by David Stanway)
