Sojitz signs agreement to acquire 5% of Vietnam tungsten supplier Masan High-Tech Materials

HANOI, Nov 9 - Japan's Sojitz Corp has signed a memorandum of understanding to acquire a 5 per cent stake in Vietnamese tungsten producer Masan High-Tech Materials, the Vietnamese conglomerate said on Monday.

• The stake will be purchased from Masan Group's wholly owned subsidiary, Masan Horizon, at a price no lower than that paid by Pentagon-backed Elmet in its investment in MSR, parent company Masan said in a statement

• In September, Masan High-Tech announced that it would sell a 4.99 per cent 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

• The parties aim to sign definitive agreements by the end of the year, subject to due diligence and regulatory approvals, it added