Thien Long (TLG) Chairman Confident in 65.01% Stake Sale to Japan's Kokuyo

Overview

Chairman Co Gia Tho of Thien Long Group (TLG) expressed confidence in selling a controlling stake to Japan’s Kokuyo Group, which plans to acquire 65.01% of TLG through a share transfer and public tender offer. This transaction would make TLG a subsidiary of the Japanese stationery giant and represents a key step in TLG’s long-term globalization strategy.

Key Facts

• Japan’s Kokuyo Group plans to acquire a 65.01% stake in Thien Long Group (TLG).
• The acquisition will be executed through a transfer of the entire 46.82% stake from major shareholder Dau Tu Thien Long An Thinh and a public tender offer for an additional 18.19%.
• Kokuyo is a Japanese stationery and business solutions conglomerate with over 100 years of history.
• Thien Long Group was founded in 1981 and is a leading Vietnamese manufacturer of writing instruments and office supplies.
• TLG’s products are exported to over 75 countries and territories.
• The company’s brands include its namesake ballpoint pens, Flexoffice office supplies, Bizner premium pens, and Colokit art supplies.

What Happened

During Thien Long Group’s annual general meeting, chairman and founder Co Gia Tho addressed shareholder questions regarding the planned sale of a controlling stake to Japan’s Kokuyo Group. Tho stated he felt “quite at ease” with the Japanese partner, citing Kokuyo’s long corporate history and cultural emphasis on longevity. He emphasized that Kokuyo’s approach in previous acquisitions has been to invest while preserving local brands, rather than pursuing typical takeover objectives.

According to Tho’s statements to VnExpress and at the shareholder meeting, the transaction represents a strategic advancement for TLG’s globalization efforts. The chairman views Kokuyo as a partner that can help TLG become an enduring brand while providing opportunities to learn advanced management models, improve products, and expand into ASEAN and other international markets. Tho described TLG as his “spiritual child” over his 45-year career and emphasized his continued responsibility to support the new investor for sustainable development.

Market Context

Thien Long Group (TLG) trades on the Ho Chi Minh Stock Exchange (HOSE) under the consumer staples sector. The company has established itself as Vietnam’s leading writing instrument manufacturer with substantial export reach. This potential acquisition by a major Japanese conglomerate represents a significant corporate development that could alter TLG’s ownership structure and strategic direction, potentially affecting its market valuation and investor profile.

Strategic Significance

The planned acquisition positions TLG to leverage Kokuyo’s century of experience, global distribution network, and product development capabilities. For long-term investors, this represents a concrete pathway for TLG to accelerate its international expansion beyond its current presence in 75 countries. The transaction structure suggests Kokuyo intends to maintain operational continuity while providing strategic resources, potentially enhancing TLG’s competitive position in both domestic and export markets.

What to Watch

• Completion of the share transfer from Dau Tu Thien Long An Thinh for 46.82% of TLG.
• Execution and results of Kokuyo’s public tender offer for the additional 18.19% stake.
• Regulatory approvals required for the transaction to reach the 65.01% ownership threshold.
• Post-acquisition integration plans and any changes to TLG’s management or operational strategy.
• Future financial reporting that reflects the impact of Kokuyo’s ownership on TLG’s performance.