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On May 13, 2026, Masan Group Joint Stock Company (HOSE: MSN) announced that its wholly owned subsidiary has completed the sale of 21,996,590 shares, representing 2% of the outstanding shares of Masan High-Tech Materials Corporation (UPCoM: MSR), via UPCoM transactions in accordance with current regulations.
Following the transaction, MSN’s ownership stake in MSR decreased from about 94.89% to 92.89%, while MSR’s free float increased to 7.11%.
Under an announcement dated April 1, 2026, the 100% owned subsidiary is expected to sell up to 5% of MSR’s outstanding shares, equivalent to 54,991,476 shares, within 12 months.
For the first phase, equivalent to 2% of MSR’s shares, subscription demand exceeded the offered amount. About half of the demand came from Masan employees and existing MSN shareholders that met the criteria for professional securities investors.
Masan employees participating in the offering committed to restrict share transfers for 3 months.
The transaction is described as the initial step in MSR’s value-creation plan, including maintaining the conditions of a publicly listed company, improving MSR’s free float and liquidity, and enhancing market recognition ahead of the planned HOSE listing in 2027.
Further tranches of the share sale could involve strategic investors, institutions, and individual investors, supported by rising demand for MSR as one of the few large tungsten platforms outside China.
In Q1 2026, MSR reported net revenue of VND 2,993 billion, up 114.9% year-on-year. NPAT after minority interests reached VND 537 billion, a record level for the quarter. The company expects net profit in Q2 2026 to continue growing versus the prior quarter.
Tungsten prices have risen above USD 3,000 per mtu, roughly a 700% increase over the past 12 months. The price drivers cited include structural factors such as long-life mining fields, deteriorating ore quality, long project development times, large capital requirements, and China’s tightening export controls.
Strategic demand is also expanding from AI, semiconductors, defense, energy, and high-tech industries, supported by tungsten’s limited substitutes. Geopolitical tensions, Western stockpiling trends for strategic resources, and demand for safe, stable material platforms further reinforce tungsten’s strategic value.
Assuming APT prices average above USD 1,500 per mtu, MSR aims to bring net debt to EBITDA to about 0.1x by end-2027 and to reach positive net cash by end-2028, moving toward a platform capable of generating stable cash flow and supporting durable dividend capacity.
As MSR reduces debt using cash flow from operations, proceeds from selling MSR shares are also expected to support Masan Group’s deleveraging efforts, with the goal of bringing MSN’s net debt to EBITDA below 2x by end-2026.
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