PNC Stake Transfer: Thien Long Reorganizes 49.49% Holding

Overview

On July 31, 2026, Evertrust, a subsidiary of Thien Long Group, received a transfer of 5.34 million PNC shares, raising its ownership to 49.49% and becoming a major shareholder. The transfer came from Tan Luc Mien Nam, another Thien Long subsidiary, in an internal restructuring. The deal, valued at VND 144.31 billion, is part of Thien Long’s strategy to streamline its stake in PNC for a potential future sale.

Key Facts

• Evertrust acquired 5.34 million PNC shares on July 31, 2026, increasing its stake to 49.49%.
• The transfer was from Tan Luc Mien Nam, a Thien Long subsidiary, to Evertrust, another Thien Long subsidiary.
• The transaction value was VND 144.31 billion, at VND 27,000 per share.
• PNC’s market capitalization is approximately VND 307 billion based on the current price of VND 27,850 (as of August 7, 2026).
• PNC reported a net loss of VND 13 billion in H1 2026, compared to a profit of VND 1 billion in H1 2025.
• PNC’s equity decreased to VND 171 billion as of June 30, 2026, from VND 190 billion a year earlier.
• Evertrust was established on April 21, 2026, with Tan Luc Mien Nam holding 99.94% of its charter capital.

What Happened

According to a report filed with the State Securities Commission and PNC, Evertrust received 5.34 million PNC shares on July 31, 2026, becoming a major shareholder with a 49.49% stake. The seller was Tan Luc Mien Nam, a wholly-owned subsidiary of Thien Long, which had held the entire block. Evertrust is also a Thien Long subsidiary, with Tan Luc Mien Nam owning 99.94% of its charter capital.

This internal transfer does not change the ultimate ownership, as both entities are under Thien Long. However, Thien Long stated in March 2026 that consolidating the PNC stake into a single legal entity would allow more flexible divestment, enabling phased payments and broadening the pool of potential investors. Instead of buying PNC shares on the open market, a buyer could acquire Evertrust outright, which holds the entire 49.49% stake. Thien Long had set a target price of no less than VND 144 billion for the transfer.

Market Context

PNC, listed on HOSE, closed at VND 27,850 on July 28, 2026. The transfer price of VND 27,000 per share was about 3% below the market price. The deal aligns with Thien Long’s broader strategy to expand its distribution network for stationery and toys through PNC’s retail chain. PNC operates nearly 30 bookstores, coffee bookshops, and airport retail kiosks. The company’s financial performance has weakened, with a net loss of VND 13 billion in H1 2026, reversing a profit of VND 1 billion in the same period last year.

Strategic Significance

For long-term investors, this internal transfer signals Thien Long’s intent to divest its stake in PNC. By placing the shares in a separate entity, Thien Long can sell the entire block to a strategic investor without market disruption. The move may attract buyers interested in PNC’s retail network and brand. However, PNC’s recent losses and declining equity could affect the valuation. The involvement of key executives, such as Cô Gia Thọ, Chairman of Thien Long, and Nguyễn Đình Thứ, who serves on both boards, suggests close coordination in the restructuring.

What to Watch

• Any announcement of a buyer for Evertrust or the PNC stake, which would confirm Thien Long’s divestment plan.
• PNC’s Q3 2026 earnings report to see if losses narrow or widen.
• Changes in PNC’s board composition or management, which could indicate strategic shifts.
• Regulatory approvals or filings related to the transfer, if any.
• Market reaction to PNC’s stock price following the internal transfer and any news of a potential sale.