Masan High-Tech Seeks 5% Private Placement to Fund Tungsten Mine Expansion and Processing
[SMM Tungsten Express] Vietnamese tungsten producer Masan High-Tech Materials is seeking shareholder approval for a private placement of up to 5% of its shares to long-term investors, to fund mine expansion and downstream processing and strengthen its balance sheet. The placement targets strategic, domestic and foreign institutional, and professional securities investors, with the offering price no lower than the most recent strategic transaction price. In September, the company agreed to sell a 4.99% stake to US-based Elmet Group in a deal valuing it at approximately $2.5 billion. Nui Phao is one of the world's largest tungsten mines outside China and accounts for nearly all of Vietnam's estimated annual output of about 3,400 metric tons.