Masan Group (HoSE: MSN) and Sojitz signed a memorandum of understanding on Monday, under which the Japanese giant will purchase the stake from Masan Horizon LLC, a wholly owned subsidiary of Masan Group.

The transaction price will be no lower than that paid by U.S. strategic partner The Elmet Group for its investment in MSR.

Alongside the equity investment, Sojitz plans to enter into long-term commercial agreements to distribute MSR’s tungsten and fluorite products in Japan. Both sides aim to sign definitive agreements by the end of 2026, subject to due diligence and the necessary regulatory and corporate approvals.

Sojitz will distribute MSR’s tungsten products in Japan, targeting customers across semiconductors, artificial intelligence infrastructure, aerospace, energy, automotive manufacturing, hard alloys, and chemicals.

The proposed investment follows the completion of Elmet’s acquisition of 55.14 million MSR shares, or a 4.99% stake, for VND3.24 trillion ($124.75 million) last month, valuing MSR at $2.5 billion.

The transaction also included a commercial agreement for more than eight years, under which MSR will supply Elmet with 1,250 tons of tungsten trioxide (WO3)-equivalent annually, generating $1.5 billion in revenue over the initial term.

The Sojitz deal represents the second phase of MSR’s strategic shareholder program, aimed at deepening ties with international customers and building a long-term investor base ahead of its planned listing on the Ho Chi Minh City Stock Exchange (HoSE) in 2027. Masan Group will remain MSR’s controlling shareholder.

In the first nine months of 2026, MSR recorded net revenue of VND25.69 trillion ($1.01 billion), five times that of the year earlier. Net profit before minority interests was VND4.35 trillion ($170.51 million), exceeding the upper end of its full-year earnings guidance by 74%.

MSR operates the Nui Phao polymetallic mine and a major tungsten processing complex in Vietnam’s northern province of Thai Nguyen. It claims to be the world’s largest producer of midstream and downstream tungsten products outside China. The company also said it is “one of the very few” tungsten producers whose products have been qualified by customers in the US, Japan, South Korea, and Europe.

In July, MSR entered into a strategic partnership with South Korea’s GB Innovation (GBI) to process Korean tungsten concentrate into higher-value products in Vietnam, strengthening a non-Chinese tungsten supply chain. Under the agreement, tungsten concentrate produced by GBI in South Korea will be shipped to Vietnam, where MSR’s tungsten processing and chemical plant will convert the material into ammonium paratungstate (APT) and tungsten oxide products.