HCMC – Japanese firm Kokuyo said it will spend about JPY27.6 billion, equivalent to over VND4.8 trillion, to acquire a controlling stake in Vietnam’s stationery and office supplies firm Thien Long Group.
In a press release dated December 4, Kokuyo said it plans to acquire up to 65.01% of Thien Long Group’s charter capital. Thien Long is listed on the Hochiminh Stock Exchange under the ticker TLG.
The acquisition will be carried out in two phases.
The first involves purchasing shares from Thien Long An Thinh Investment Joint Stock Company (TLAT), which currently holds 46.82% of TLG and is fully owned by the group’s founder and his associates.
The second phase will see Kokuyo launch a public tender offer to buy an additional 18.19% of common shares from other investors.
The total value for both transactions is estimated at JPY27.6 billion, equivalent to US$185 million and roughly VND4,815 billion at Vietcombank’s exchange rate. The deals are targeted for completion by November 2026, pending the necessary approvals from Vietnamese regulators.
Once finalized, Thien Long Group will become a subsidiary of Kokuyo.
The Japanese company confirmed it has already signed agreements with the founder and related parties regarding the TLAT share purchase and the public tender process.
The acquisition aligns with its goal of becoming Asia’s leading office supplies company by 2030 and accelerating the global expansion of its Campus brand. The firm also aims to make ASEAN its fourth core market, alongside Japan, China and India.
TLG’s executives have not responded to requests for comment, but the group has issued a statement on the matter.
According to the announcement, shareholders of TLAT, which holds 46.82% of TLG’s charter capital, are in the process of negotiating, finalizing, and signing a planned transaction with Kokuyo to transfer all of TLAT’s shares.
Founded in 1981, Thien Long Group has grown into Vietnam’s leading stationery company, offering more than 1,000 products under brands such as Thien Long, FlexOffice, Colokit and Flexio.
The company manufactures and exports its products to over 74 countries.
As of December 4, TLG shares traded at VND64,200 each. Trading volume began to surge on November 25, with the stock price rising more than 19% since then. Year to date, however, the share price has remained largely flat.
