Kokuyo to acquire Thien Long Group for 27.6bn yen, expanding ASEAN presence

Kokuyo Co. announced its board of directors approved the acquisition of up to 65.01% of Thien Long Group Corporation (TLG), a Vietnamese stationery manufacturer, for an estimated 27.6 billion yen. This transaction, expected to conclude by November 2026, involves two stages: acquiring all shares of Thien Long An Thinh Investment Corporation (TLAT), which holds 46.82% of TLG, and a subsequent tender offer for up to 18.19% of TLG’s ordinary shares. TLG and TLAT will become Kokuyo's designated subsidiaries.

The acquisition aligns with Kokuyo's "Unite for Growth 2027" medium-term plan to become the top stationery business in Asia by 2030 and expand its Campus brand globally. TLG's robust business infrastructure, product development, and sales network in ASEAN are expected to enhance Kokuyo's global stationery expansion and establish ASEAN as a fourth core market alongside Japan, China, and India.

The transactions are subject to necessary approvals from Vietnamese authorities, with the TLAT Share Acquisition closing estimated for August 2026 and the Tender Offer commencing in October 2026. The estimated purchase price is subject to adjustments and excludes two of TLG’s affiliates. Kokuyo expects the transactions to have a minor impact on its consolidated financial results for the year ending December 31, 2025.