Kokuyo acquisition of Thien Long Group

Japan’s Kokuyo Group is proceeding with the acquisition of Vietnam’s Thien Long Group (TLG), a major stationery manufacturer. The National Competition Commission of Vietnam has approved the economic concentration under Decision 294/QD-CT, subject to specific conditions.

To comply with the approval, the involved parties must provide reports on market share, pricing, and commercial discounts upon request. The group is also mandated to establish internal competition law compliance rules, conduct annual training, and submit annual reports detailing efforts to enhance positive merger impacts, such as scientific advancements and a commitment to increase R&D investment by 3 billion VND annually for five years.

The acquisition is structured in two stages. Following the purchase of Thien Long An Thinh Investment JSC in August 2026, Kokuyo plans a public tender offer between October and November 2026 for an additional maximum of 18.19% of shares. If successful, Kokuyo will hold a controlling interest of up to 65.01% in Thien Long. The transaction is estimated to involve approximately 28 billion JPY.