MSR's Nui Phao mine in Thai Nguyen province, northern Vietnam. Photo courtesy of the company.

The group said its subsidiary, Masan Vision, will sell up to 5% of MSR’s outstanding shares - equivalent to nearly 56 million shares - over a period of up to 12 months.

MSR currently has nearly 1.1 billion shares listed on the unlisted public companies market (UPCoM), but Masan Vision holds 94.89% (1.043 billion shares), leaving only 5.11% distributed among more than 11,225 shareholders, below the threshold required for public company status.

The divestment will be conducted in multiple tranches, with an initial sale of up to 2% of shares, or up to 21.99 million units.

About 25% (5.5 million units) of the shares offered in each tranche will be allocated to existing Masan shareholders who qualify as professional investors, while another 25% will be offered to employees. The remainder will be sold on the UPCoM market via order matching or negotiated deals, with prices within the permitted trading band.

Masan said the plan could be adjusted if MSR completes a separate private placement or public offering that allows it to meet public company criteria.

According to brokerage Vietcap Securities, the stake reduction is not only aimed at regulatory compliance but also serves as an initial step toward a potential listing on the Ho Chi Minh Stock Exchange (HoSE), as outlined in MSR’s 2026 AGM documents.

At the same time, Masan will continue to pursue strategic investors for MSR.

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Masan High-Tech Materials is one of the world’s largest tungsten producers outside China. Its core assets include the Nui Phao polymetallic mine (NPMC) and an integrated tungsten processing facility, Vonfram Masan (MTC), in Thai Nguyen province.

Tungsten accounted for about 60% of MSR’s revenue in 2025, followed by fluorspar, copper and bismuth.

According to Vietcap, tungsten prices have surged to above $2,500 per metric ton unit (mtu), five times the average level in 2025, driven by strong demand from high-tech sectors such as semiconductors and artificial intelligence.

Global supply remains highly concentrated in China, which accounts for around 80% of output and more than 50% of reserves, and has tightened export controls.

Vietcap expects tungsten prices to remain elevated, supported by strong, inelastic demand and limited new supply outside China, as well as the country’s shift toward becoming a net importer.

As a result, tungsten is projected to become the dominant driver of MSR’s performance, contributing about 90% of revenue and 85% of gross profit over the 2026-2036 period.

In 2025, when tungsten prices averaged around $500/mtu, MSR posted a modest net profit of VND11 billion ($417,750) after losses of nearly VND1.58 trillion ($59.81 million) and nearly VND1.64 trillion in 2023 and 2024, respectively.

With prices rising sharply since early this year, the company has outlined two business scenarios for 2026, both pointing to strong growth, with projected revenue of VND16-20.3 trillion ($770.94 million) - 2.1 to 2.7 times higher than 2025 - and net profit of VND1.7-2.5 trillion ($94.94 million).