Vietnam's Masan High-Tech to sell stake to Elmet and sign tungsten supply deal

HANOI, Sept. 24 (Reuters) - Vietnamese tungsten producer Masan High-Tech Materials Corp said on Thursday it will sell a 4.99% stake to US-based tungsten products supplier Elmet Group, in a deal that values the Vietnamese company at about $2.5 billion.

Masan High-Tech also said it will sign a deal with Elmet for at least eight years to supply and convert about 1,250 tonnes of tungsten trioxide equivalent annually. The agreement is expected to generate about $1.5 billion in gross revenue at prevailing prices, it said.

The stake sale remains subject to regulatory and corporate approvals and is expected to be completed in the first half of October.