Kokuyo advances acquisition of Vietnam's Thien Long Group

Japan's Kokuyo Group is advancing its acquisition of Vietnam's Thien Long Group (TLG), a prominent stationery manufacturer established in 1981. Kokuyo has received economic competition approval from the National Competition Commission and has prepared approximately 28 billion JPY (around 180 million USD) for the takeover.

The acquisition plan involves two main stages. In August 2026, Kokuyo intends to complete the purchase of Thien Long An Thinh Investment JSC, which holds a 46.82% stake in Thien Long. Following this, a public tender offer for an additional maximum of 18.19% of shares is scheduled for October to November 2026. If successful, Kokuyo will hold a maximum of 65.01% of Thien Long, granting the Japanese firm controlling interest and veto power over shareholder activities.

Vietcap Securities noted that the estimated transaction value of 27.6 billion JPY serves as a reference rather than a direct valuation, as the final price may include control premiums and account for exchange rate fluctuations. Thien Long is noted for its strong financial foundation, having consistently maintained revenue exceeding total assets since its listing.