On December 4th, Japan’s Kokuyo Group announced plans to acquire Thien Long Group Corporation (TLG), Vietnam’s leading stationery manufacturer. The deal involves purchasing all 46.82% of TLG shares held by Thien Long An Thinh (TLAT) and a public tender offer for 18.19% of TLG shares on the market.
Thien Long confirmed the news, assuring stakeholders that operations remain unaffected. “We encourage continued partnership as business proceeds as planned,” the company stated.
If successful, Kokuyo will own over 57 million TLG shares (65.01%), valuing the deal at ¥27.6 billion (approximately VND 4.7 trillion). This equates to VND 82,000 per share, a 28% premium over TLG’s current market price.
TLG shares surged ahead of the announcement, rising nearly 23% in two weeks to VND 64,200, nearing its 2024 peak. Thien Long’s market cap stands at VND 5.6 trillion.
The TLAT acquisition is slated for August 2026, with the public tender offer following October-November 2026, pending regulatory approval. Kokuyo noted minimal impact on 2025 results, promising updates as developments unfold.
Founded in 1981 by Mr. Co Gia Tho, Thien Long is renowned for its iconic ballpoint pens and over 1,000 products under brands like FlexOffice, Colokit, and Flexio. The company exports to 74+ countries.
Thien Long generates billions in revenue annually, targeting a record VND 4.2 trillion in 2025, though profit goals are slightly lower at VND 450 billion.
In Q1-Q3 2025, revenue grew 10.7% to VND 3.225 trillion, while profit dipped 10.7% to VND 376 billion, achieving 77% and 84% of annual targets respectively.
Thien Long attributed revenue growth to strong exports post-Q2 challenges, while domestic sales costs pressured profits. “Amid fierce competition, we invested heavily in Q3 distribution and promotions,” the company explained.
Kokuyo, a 100-year-old Japanese leader in stationery and office solutions, operates across Asia. Acquiring Thien Long aligns with its 2030 goal to dominate Asia’s stationery market.
Kokuyo values Thien Long’s production capabilities, Vietnamese market leadership, and ASEAN distribution network. Merging Kokuyo’s product and marketing strengths with Thien Long’s infrastructure promises sustainable growth, positioning ASEAN as Kokuyo’s next core market after Japan, China, and India.
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Kokuyo has announced an estimated deal value of ¥27.6 billion (approximately VND 4,700 billion), equivalent to around VND 82,000 per share. The company plans to utilize its existing capital to finance this acquisition.
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