Tan Luc Mien Nam JSC, a wholly-owned subsidiary of Thien Long Group (TLG-listed on HoSE), has received approval from its parent company’s board of directors to acquire shares from shareholders of Van Hoa Phuong Nam JSC (PNC-listed on HoSE). Mr. Co Gia Tho, Chairman of Thien Long Group and owner of Tan Luc Mien Nam, has been authorized to make decisions regarding this transaction.
On the same day, Van Hoa Phuong Nam’s board of directors passed a resolution agreeing to exempt the new owner from the mandatory public offering of PNC shares. This proposal will be presented at the upcoming annual general meeting of shareholders (AGM) scheduled for May 24, 2025, for approval.
According to the proposal, Tan Luc Mien Nam is expected to acquire approximately 8.3 million PNC shares from 15 individual shareholders of Van Hoa Phuong Nam without going through the procedures of a public offering.
The transaction is planned to be executed through matching and/or agreement via the HoSE trading system, starting from the second quarter of 2025 until the completion of the transaction.
If successful, Tan Luc Mien Nam will become the parent company of Van Hoa Phuong Nam, holding up to 76.81% of its charter capital.
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Van Hoa Phuong Nam, formerly known as Van Hoa Dich Vu Tong Hop Quan 11 JSC, was established in February 1982. The company specializes in publishing and trading books, magazines, cultural products, and stationery, as well as leasing premises.
The company is renowned for its Phuong Nam Bookstore chain, including Phuong Nam Book, Phuong Nam Book Cafe, Phuong Nam Book City, and Phuong Nam Phim, among others.
In terms of financial performance, Van Hoa Phuong Nam reported consolidated net revenue of over VND 146.3 billion in the first quarter of 2025, an increase of 8.7% compared to the same period last year. After deducting taxes and expenses, the company’s net profit reached nearly VND 2.5 billion, a slight improvement of nearly VND 79 million.
As of March 31, 2025, the company’s total liabilities increased slightly to nearly VND 576.5 billion, up VND 5.6 billion from the beginning of the year. Inventory accounted for 49.8% of total assets, amounting to over VND 287.1 billion, while cash and cash equivalents made up 19.4% of total assets, totaling more than VND 112.1 billion.
On the other side of the balance sheet, total liabilities exceeded VND 386.9 billion, a slight increase of over VND 3.1 billion from the beginning of the year. Short-term payables to suppliers accounted for 87.2% of total liabilities, amounting to nearly VND 337.5 billion.
