Thien Long Chairman Co Gia Tho Joins Phuong Nam Bookstore Board Amid Restructuring

Overview

Phuong Nam Bookstore (PNC) has announced four candidates for its Board of Directors for the remainder of the 2022-2026 term, including Mr. Co Gia Tho, Chairman of Thien Long Group (TLG). This follows the resignation of three board members in late March 2026. TLG, which acquired a 49.49% stake in PNC in June 2025, is now seeking to divest its holding at a minimum price of VND 144 billion, a strategic shift linked to Kokuyo’s takeover of TLG.

Key Facts

• Mr. Co Gia Tho, Chairman of Thien Long Group (TLG), is among four candidates for PNC’s Board of Directors.
• Three board members resigned in late March 2026: Ms. Vo Thi Hoang Quan, Ms. Tran Tue Tri, and Mr. Nguyen Ngoc Trung Chanh.
• TLG acquired a 49.49% stake in PNC in June 2025 through its subsidiary Tan Luc Mien Nam.
• In early February 2026, TLG announced plans to divest its PNC stake at a minimum price of VND 144 billion.
• TLG established a new entity, Evertrust Investment JSC, in mid-March 2026 with nearly VND 145 billion in capital (99.94% from Tan Luc Mien Nam) to hold the PNC shares.
• The divestment decision came two months after Kokuyo (Japan) announced its plan to make TLG a subsidiary.
• PNC operates nearly 50 bookstores nationwide, mostly in prime locations in HCMC.

What Happened

Phuong Nam Bookstore (PNC) has released a list of four candidates for its Board of Directors for the remaining term of 2022-2026. The candidates include Ms. Nguyen Thi Lan, Ms. Hua Gia Tu, Mr. Nguyen Dinh Thu, and Mr. Co Gia Tho. Mr. Co Gia Tho is currently Chairman of Thien Long Group (TLG), a leading stationery manufacturer, and also Chairman of Tan Luc Mien Nam, a TLG subsidiary.

The board restructuring follows the resignation of three members in late March 2026: Ms. Vo Thi Hoang Quan (TLG’s Strategy Director), Ms. Tran Tue Tri, and Mr. Nguyen Ngoc Trung Chanh. Ms. Quan was one of the first senior TLG executives appointed to manage PNC after TLG acquired a 49.49% stake in June 2025.

TLG’s investment in PNC was initially described as a strategic move to develop new product categories, particularly toys and lifestyle goods. However, in early February 2026, TLG announced a change in its investment portfolio structure and decided to divest from PNC at a price not lower than VND 144 billion. This decision came just two months after Kokuyo (Japan) announced plans to acquire TLG as a subsidiary.

To facilitate the divestment, TLG, through Tan Luc Mien Nam, established a new entity called Evertrust Investment JSC in mid-March 2026, contributing nearly VND 145 billion (99.94% of capital). Mr. Co Gia Tho serves as General Director and Chairman of Evertrust. This new entity will hold all of TLG’s PNC shares, and TLG will seek a partner to transfer the entire stake in Evertrust at the target price.

Market Context

PNC is listed on HOSE and has seen limited trading activity. The stock price has been under pressure due to uncertainty surrounding TLG’s divestment and the board changes. TLG’s decision to exit PNC, coupled with Kokuyo’s acquisition, signals a shift in strategic priorities for the stationery giant. The broader retail sector in Vietnam has been facing headwinds from slower consumer spending, but PNC’s prime real estate holdings in HCMC remain an asset.

Strategic Significance

The board candidacy of Mr. Co Gia Tho, despite TLG’s planned divestment, suggests that TLG aims to maintain influence during the transition period. The establishment of Evertrust as a holding vehicle indicates a structured exit strategy, likely targeting a strategic buyer or financial investor. For PNC, the departure of TLG may open the door for new ownership, potentially from a larger retail or publishing group. The outcome will depend on the success of the divestment and the new board’s ability to stabilize operations.

What to Watch

• Completion of TLG’s divestment of PNC shares via Evertrust, with a minimum price of VND 144 billion.
• Appointment of new board members at PNC’s upcoming shareholder meeting.
• Kokuyo’s integration of TLG and its impact on TLG’s remaining investments.
• PNC’s Q2 2026 earnings report to assess operational performance under new leadership.
• Any strategic partnerships or acquisition offers for PNC’s retail network.