Japan’s Kokuyo to acquire Vietnam's leading stationery maker Thien Long for $178 mln

Japan’s Kokuyo has announced a plan to acquire Vietnam's major stationery manufacturer Thien Long Group (HoSE: TLG) for up to JPY27.6 billion ($178.2 million), as the Japanese office-supplies giant expands its footprint in Southeast Asia.

Under the plan disclosed on Thursday, Kokuyo will purchase the 46.82% stake in TLG currently held by Thien Long An Thinh Investment Corporation (TLAT).

The company also plans to launch a tender offer to buy up to 18.19% of shares from other investors, aiming to complete the transactions by November 2026 through a special-purpose entity.

If fully executed, Kokuyo would hold as much as 65.01% of Thien Long’s shares, equal to more than 57 million units, through direct and indirect ownership. Besides, TLG and TLAT will become designated subsidiaries of Kokuyo as capital amount of each entity is more than 10% of Kokuyo’s capital, the Japanese stationery maker said.

The transactions are expected to be implemented in a mutually cooperative manner and contribute to the sustained growth and long-term value creation of both Kokuyo and TLG, Kokuyo noted.

The acquisition of TLG will make Southeast Asia the fourth pillar after Japan, China and India.

In the first nine months of this year, Thien Long Group posed a net profit of VND376 billion ($14.26 million) on revenue of VND3.23 trillion ($122.32 million), down 10.7% but up 10.7% year-on-year, respectively.

TLG shares went up 3.58% to VND66,500 ($2.52) apiece on Friday.