Sojitz signs MOU, strengthens MSR's position in Japan

Sojitz signs MOU, strengthens MSR's position in Japan

Sojitz Corporation will acquire 5 per cent of MSR's share and distribute its tungsten and fluorspar products in Japan.

Masan Group Corporation and Sojitz Corporation signed an MoU on MSR share acquisition on November 9. — Photos courtesy of Masan

Masan Group Corporation (MSN) and Sojitz Corporation on November 9 signed a Memorandum of Understanding, in which Sojitz will acquire 5 per cent of Masan High-Tech Materials Corporation (MSR) from Masan Horizon Company Limited, a wholly owned subsidiary of Masan Group.

Sojitz will also enter into long-term commercial agreements for the distribution of MSR's tungsten and fluorspar products in Japan.

Specifically, Sojitz will market MSR tungsten to Japanese customers in the semiconductors industry, as well as to customers in the AI infrastructure, aerospace, energy, automotive, cemented carbides and chemicals industries.

This collaboration gives MSR strategic access to the Japanese market, complementing its partnership with the US company The Elmet Group Co, which investment was completed on October 1, as well as adding long-term revenue visibility for MSR shareholders.

The share acquisition is also being carried out at a price no lower than that of Elmet's investment in MSR.

The parties expect to sign definitive agreements by the end of 2026, subject to due diligence and customary approvals.

Masan Group Corporation and Sojitz Corporation signed an MoU on MSR share acquisition on November 9. — Photos courtesy of Masan

MSR is one of the very few tungsten producers qualified by customers in the US, Japan, South Korea and Europe.

Its platform is built on long-term customer relationships, a sustainable resource base at the Núi Pháo mine and a refinery in Thái Nguyên that processes both mine concentrate and third-party feed. Its products supply tungsten and fluorspar for applications ranging from tungsten hexafluoride (WF6) used in advanced logic and memory chip fabrication to sputtering targets and carbides for precision machining.

According to MSR, qualification at this level takes years and is rarely granted, which is why customers who could buy tungsten elsewhere are choosing to own part of MSR, with associated long-term tungsten supply and distribution contracts, to guarantee their own security of supply.

The investment is the second step in MSR's shareholder programme, approved by Masan Group's Board of Directors on September 24.

The programme is in line with MSR's strategy: to secure long-term partnerships with the customers and industries that have recognised its products’ quality, and to build a base of strategic and qualified long-term institutional shareholders ahead of MSR's listing on the Hochiminh Stock Exchange (HOSE), for which it targets filing in 2027.

Transactions under the programme are negotiated with strategic and qualified long-term institutional investors; Masan Group will remain MSR’s controlling shareholder. 

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