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On May 13, 2026, Masan Group Corporation (MSN) said its 100%-owned subsidiary completed the sale of 21.99 million shares, equivalent to 2% of MSR’s outstanding shares, via UPCoM transactions in line with applicable regulations. Following the sale, MSN’s ownership in MSR decreased from about 94.89% to 92.89%, while MSR’s free float increased to 7.11%.
Masan Group Chief Executive Danny Le said tungsten is a strategic resource with implications beyond mining, including national security and the global technology race. He described MSR as more than a tungsten mining company, noting it provides a platform for rare tungsten materials used in AI chip supply chains, defense, and high-tech manufacturing. He added that the resource is finite and demand is effectively unlimited, positioning MSR as a core asset with global significance and long-term value potential.
Stage 1 of the planned share sale has been completed with the transfer of 2% of MSR shares. The company said demand exceeded the offered quantity, supporting MSR’s ability to maintain public company status, increase free float, improve liquidity, and strengthen market recognition ahead of MSR’s planned HOSE listing in 2027.
Masan staff also pledged to limit transfers for three months, a move the company said signals confidence in MSR’s long-term prospects.
In an April 1, 2026 disclosure, Masan’s subsidiary said it intends to sell up to 5% of MSR’s outstanding shares (about 54.99 million shares) within 12 months. Stage 1 (2%) already attracted demand above supply, with roughly half of the demand coming from Masan employees and existing MSN shareholders that meet professional investor criteria.
The transaction is described as the first step in MSR’s value-creation path, preserving public company status, enhancing free float and liquidity, and increasing market recognition ahead of the 2027 HOSE listing. Further rounds could involve strategic investors, institutions, and individual investors as demand for MSR grows, supported by its tungsten platform outside China.
In Q1 2026, MSR reported net revenue of VND 2,993 billion, up 114.9% year over year. Net profit after minority interests (Post-MI) was VND 537 billion for the quarter.
For Q2 2026, profitability is expected to continue improving. The company forecast revenue of VND 20,300 billion and Post-MI NPAT of VND 2,500 billion, targeting net debt/EBITDA below 1.7x by year-end.
Rising tungsten prices have supported MSR’s cash generation and are accelerating Masan’s deleveraging goals. The company aims to reduce debt on an EBITDA basis to about 0.1x by end-2027, assuming the APT price stays above USD 1,500 per mtu. It also plans to use proceeds from selling MSR shares to continue deleveraging at the Masan Group level, targeting MSN’s net debt/EBITDA below 2x by end-2026.
The tungsten price is currently above USD 3,000 per mtu, up about 700% over 12 months. The increase is attributed to structural factors including long-life mines, ore grade decline, extended project development timelines, and large capital requirements, alongside China export controls.
Demand remains supported by AI, semiconductors, defense, energy, and the broader high-tech industrial chain. The company also cited limited substitutes for tungsten and ongoing geopolitical tensions as reinforcing its strategic value. Under the assumption that the APT price remains above USD 1,500 per mtu, MSR targets net debt/EBITDA of about 0.1x by end-2027 and a positive net cash position by end-2028, aiming to evolve into a cash-flow platform capable of sustaining long-term dividends.
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