Kokuyo Closes TLAT Deal, Holds 46.82% of Thien Long (TLG)

Overview

Kokuyo Co., Ltd. of Japan has completed the acquisition of all shares in Thien Long An Thinh Investment JSC (TLAT), the largest shareholder of Thien Long Group (HOSE: TLG), giving it indirect ownership of 46.82% of the Vietnamese stationery maker. The company disclosed the completion on 6 November, following a transaction first announced on 4 December 2025. Kokuyo intends a public tender offer for a further 18.19% of TLG, which would take its holding to 65.01% and make Thien Long a consolidated subsidiary.

Key Facts

• TLAT holds nearly 45.2 million TLG shares, equal to 46.82% of Thien Long’s charter capital.
• Kokuyo now owns 100% of TLAT following transfer of all shares by TLAT’s shareholders, after required regulatory approvals.
• Kokuyo plans a public tender offer for an additional 18.19% of TLG, targeting a total stake of 65.01%.
• The transaction was first disclosed by Thien Long on 4 December 2025; completion was announced on 6 November.
• TLG closed at VND 54,500 on 6 November 2026.
• 9-month consolidated net revenue was approximately VND 3,621 billion, up 12% year on year.
• 9-month after-tax profit exceeded VND 423 billion, up about 12.5%, with net margin held at 11.7%.

What Happened

Thien Long Group announced on 6 November that shareholders of TLAT had completed the transfer of their entire stakes in the holding company to Kokuyo, having obtained the necessary approvals from competent authorities. Because TLAT owns close to 45.2 million TLG shares, or 46.82% of charter capital, Kokuyo now holds that interest indirectly. The disclosure was made through the company’s information channels and follows the initial announcement of the negotiations in December 2025.

Thien Long’s management stated that the ownership change does not directly affect day-to-day production and business operations. The company said it will continue to focus on product quality, service standards and operating efficiency. Kokuyo, founded in 1905, produces stationery and workplace solutions and sells Campus-branded products in Vietnam. Thien Long was founded in 1981 by Mr. Co Gia Tho and exports to more than 75 countries and territories under brands including Thien Long, FlexOffice, Colokit and Flexio.

Market Context

TLG trades on HOSE and closed at VND 54,500 on 6 November 2026, the session in which the completion was disclosed. The stock sits in the consumer staples sector, where Vietnamese stationery and office-supply names have benefited from stable domestic demand and export orders. The ownership transition arrives alongside governance changes at the company: separate disclosures on 5 and 6 November 2026 covered the resignation of the board chairman and the departure of founder Co Gia Tho and family members from the board. The broader Vietnamese market has been sensitive to foreign strategic investment in consumer names, and a majority path to subsidiary status for a long-established domestic brand is a notable case for the sector.

Strategic Significance

The core thesis is consolidation of a category leader by a global peer. Kokuyo already competes in Vietnam through Campus, so taking control of Thien Long converts a rival into a subsidiary, combining Thien Long’s domestic distribution and export footprint across 75-plus markets with Kokuyo’s product development and workplace-solutions portfolio. Crossing 65% would trigger consolidation and, under Vietnamese rules, a mandatory tender offer to minority holders, giving investors a defined exit price reference. The simultaneous board turnover suggests the transition is being managed deliberately rather than left to drift, which matters for how quickly integration decisions on sourcing, branding and capital allocation are taken.

What to Watch

• Filing of the formal tender offer for 18.19% of TLG, including the offer price and subscription window.
• State Securities Commission approval of the tender offer and any revision to the 65.01% target.
• Announcement of a new board composition following the November 2026 resignations.
• Q4 and full-year 2026 results confirming whether the 12% revenue and 12.5% profit growth rates hold.
• Any disclosure on related-party transactions or brand consolidation between Kokuyo’s Campus operations and TLG.