Vietnam's top stationery maker Thien Long to exit retail, publishing ventures in portfolio overhaul

Vietnamese stationery manufacturer Thien Long Group (HoSE: TLG) plans to dissolve its loss-making Clever Box retail chain and divest from book publishing and bookstore operations, as it reallocates capital toward its core businesses and streamlines its investment portfolio.

The company said its board has approved a review and restructuring of investments in publishing, retail, and business-to-business segments to better align with its long-term strategy.

As part of the overhaul, Thien Long will dissolve Clever World, the operator of the Clever Box chain selling toys, gifts, and stationery. The chain was originally launched to enhance brand visibility and reduce reliance on intermediaries, before expanding into collectible toys under the Peektoy brand. However, the business failed to gain scale and posted consecutive losses due to high operating costs, the company said.

Thien Long also plans to divest its entire 40 million shares, or a 40% stake, in Pega Holdings, with a minimum target price of VND35 billion ($1.35 million).

Founded in October 2022 as a joint venture with Pega, Pega Holdings operates in book publishing and distribution, developing titles under the Zenbooks and Saigon Books brands.

In addition, Thien Long intends to restructure and exit Phuong Nam Cultural JSC, the operator of the Phuong Nam bookstore chain. Through major shareholder Tan Luc Mien Nam, the group plans to establish a new company with 99.9% ownership, transfer its 49.49% stake in Phuong Nam to the new entity, and then seek a buyer for the entire stake.

The targeted transaction value is no less than VND144 billion ($5.55 million). Thien Long said the structure would help optimize financial returns while providing greater flexibility in deal execution, including staggered payments and access to a broader pool of investors.

Thien Long, via subsidiary Tan Luc South Trading and Service Co Ltd, acquired the 49.49% stake in Phuong Nam in June 2025. Phuong Nam operates nearly 50 bookstores nationwide, primarily located in shopping malls, book streets and major retail and tourism hubs in Ho Chi Minh City.

At the time of the investment, Thien Long said the move was part of a broader strategy to expand into new product categories, particularly toys and lifestyle consumer goods.

Last December, Japan’s Kokuyo announced a plan to acquire a majority stake in Thien Long for up to JPY27.6 billion ($178.2 million), as the Japanese office-supplies giant expands its footprint in Southeast Asia. Under the plan, Kokuyo will purchase the 46.82% stake in TLG currently held by Thien Long An Thinh Investment Corporation (TLAT).

The Japanese 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.

On February 2, Thien Long received a Ho Chi Minh City Tax Department decision regarding administrative penalties for tax and invoice violations. Accordingly, the company committed administrative violations during the tax audit period 2016-2024. It was fined, had taxes collected back, and was required to pay late payment penalties totaling nearly VND4.1 billion ($157,920).

TLG shares were traded at VND51,100 ($1.97) each on Friday afternoon.