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
Source: CNA
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