Japan's KOKUYO acquires 46.82% stake in Vietnamese stationery maker Thien Long

Thien Long Group Corporation announced that Thien Long An Thinh Investment JSC completed the transfer of all its shares to KOKUYO Group on Friday.

Thien Long An Thinh Investment JSC was Thien Long's largest shareholder, holding nearly 45.2 million shares, equivalent to 46.82 percent of the company's charter capital.

In December 2025, KOKUYO announced plans to carry out two transactions to acquire Thien Long and turn it into a subsidiary.

The first involved investing money to acquire shares in Thien Long An Thinh Investment JSC. The second was a public tender offer for an 18.19 percent stake in Thien Long on the stock market.

Thien Long has also recently announced a board resolution accepting resignation letters from five members: chairman Co Gia Tho; Co Cam Nguyet; Nguyen Dinh Tam; Co Tran Co Nguyen; and Co Tran Dinh Dinh.

Co Cam Nguyet is Co Gia Tho's younger sister, while Co Tran Co Nguyen and Co Tran Dinh Dinh are his children.

The board received their resignation letters on November 4. Their dismissals are expected to be submitted for approval at an extraordinary general meeting of shareholders scheduled for December 7.

The meeting will also consider the dismissal and election of five new board members to serve the remainder of the 2025-28 term. 

The five members are expected to leave their positions from January 1, 2027.

Co Gia Tho to become honorary chairman

The company also said it had signed a consultancy contract with Co Gia Tho. He is expected to serve as Thien Long's honorary chairman for three years.

In this role, he will support the company in external relations, represent it at events at the board's request, and help maintain its reputation and relationships with shareholders and partners.

Tho will not take part in the company's management or have voting rights on the board. His fixed annual remuneration will be VND120 million (US$4,688). The contract also sets out confidentiality and non-compete obligations.

Under the agreement, during the contract period and for two years after it ends, Tho must not directly or indirectly engage in business activities that compete directly or indirectly with Thien Long's stationery manufacturing operations.

He is also prohibited from using names that could cause confusion, conducting transactions with customers to compete with the company, or soliciting related parties, customers, partners or employees.

In the third quarter of 2026, Thien Long reported revenue of around VND1.268 trillion ($49.5 million), up 7 percent year on year, and after-tax profit of VND107 billion ($4.2 million), up 41.1 percent.

For January-September 2026, its revenue reached VND3.621 trillion ($141.5 million), an increase of 11.9 percent, while after-tax profit totaled VND422 billion ($16.5 million), up 11.8 percent year on year.