Kokuyo has completed its purchase of Thien Long An Thinh Investment Corporation, giving it an indirect 46.82% of Vietnam's Thien Long Group, the Japanese company said on 6 November 2026.
Why KOKUYO Co., Ltd. is buying Thien Long Group Corporation (46.82% via Thien Long An Thinh; up to 65.01% with tender offer)
When it announced the deal in December 2025, Kokuyo said Thien Long would make South-East Asia a fourth pillar of its business alongside Japan, China and India, according to The Investor.
Deal terms and financing
The deal, valued at up to about ¥27.6bn, has two steps: the purchase of TLAT, which owns 46.82% of Thien Long and is owned by the company's founders, followed by a tender offer for up to 18.19% from other shareholders, which would lift Kokuyo to up to 65.01%. The number of shares held through TLAT rose to 45,194,651 after a stock dividend, with the voting percentage unchanged.
Regulatory approvals and timing
Kokuyo completed the TLAT purchase after obtaining the necessary approvals from Vietnamese authorities. Thien Long's board resolved on 4 November to put the election of Kokuyo-nominated directors to an extraordinary shareholders' meeting on 7 December; if approved, they will hold a board majority and Thien Long will become a consolidated subsidiary from 1 January 2027.
Market context
Thien Long, listed on the Ho Chi Minh Stock Exchange as TLG, is Vietnam's largest maker of pens and office supplies. Kokuyo said the effect of the TLAT purchase on its current-year results would be minor.
