Thien Long Chairman Co Gia Tho Seeks PNC Board Seat Amid Kokuyo Acquisition Talks

Overview

Chairman of Thien Long Group (HOSE: TLG) Co Gia Tho has applied to join the Board of Directors of Phuong Nam Culture JSC (HOSE: PNC), the owner of the Phuong Nam Bookstore chain. This development comes as TLG prepares to divest from PNC while simultaneously facing potential acquisition by Japan’s Kokuyo Group. The board nomination represents a strategic move during a period of significant corporate restructuring for both companies.

Key Facts

• Thien Long Group Chairman Co Gia Tho applied to join PNC’s Board of Directors for the 2022-2026 term.
• Thien Long holds 49.49% of PNC through its subsidiary Tan Luc Mien Nam, acquired in June 2025.
• Japan’s Kokuyo Group is negotiating to purchase shares from Thien Long An Thinh Investment, TLG’s largest shareholder with 46.82%, and plans to buy an additional 18.19% to reach 65.01% ownership.
• Thien Long has announced plans to divest from PNC and restructure its portfolio, including dissolving Clever World and divesting 40% of its stake in Pega Holdings.
• In March 2026, Thien Long contributed nearly VND 145 billion (99.94% capital) through Tan Luc Mien Nam to establish Evertrust Investment JSC as an intermediate legal entity.
• The Phuong Nam Bookstore chain operates nearly 50 stores nationwide, concentrated in commercial centers, book streets, and major tourist areas in Ho Chi Minh City.
• PNC’s board candidate list includes four names: Co Gia Tho, Nguyen Dinh Thu, Nguyen Thi Lan, and Hua Gia Tu.

What Happened

Phuong Nam Culture JSC announced its list of candidates for the Board of Directors and Supervisory Board for the 2022-2026 term, which includes Thien Long Group Chairman Co Gia Tho. According to the company filing, Tho submitted his application to join PNC’s board alongside three other candidates: Nguyen Dinh Thu (Investment Director with experience at Ernst & Young Vietnam and Vingroup units), Nguyen Thi Lan (representing Liksin’s capital in PNC), and Hua Gia Tu (Director of ECHO MEDI JSC).

The personnel changes occur as Thien Long implements portfolio restructuring and prepares to exit the Phuong Nam Bookstore business. Previously, several Thien Long representatives at PNC, including Vo Thi Hoang Quan and Nguyen Ngoc Trung Chanh, resigned from the board. Thien Long began investing in PNC in June 2025 through subsidiary Tan Luc Mien Nam, acquiring 49.49% ownership and appointing personnel to management positions.

Market Context

Both TLG and PNC trade on the Ho Chi Minh Stock Exchange (HOSE) in Vietnam’s retail and consumer staples sectors. The news comes during a period of significant corporate activity for TLG, which has been restructuring its investment portfolio while facing potential acquisition by a foreign strategic investor. The retail sector in Vietnam has seen increased foreign interest, particularly in established bookstore chains like Phuong Nam, which operates nearly 50 stores nationwide. TLG’s planned divestment from PNC aligns with its broader strategy to streamline operations ahead of the potential Kokuyo acquisition.

Strategic Significance

The board nomination represents a strategic oversight move during a transitional period for both companies. For TLG, maintaining board representation at PNC while preparing for divestment suggests the company wants to ensure proper governance during the exit process. For PNC, having TLG’s chairman on the board provides continuity despite the impending ownership change. The broader context of Kokuyo’s potential acquisition of TLG indicates increasing Japanese investment in Vietnam’s retail sector, which could bring operational expertise and capital to both companies if the transactions proceed.

What to Watch

• Completion of Kokuyo Group’s acquisition of TLG shares and whether it reaches the targeted 65.01% ownership stake.
• Thien Long’s formal divestment process from its 49.49% stake in PNC and the identification of potential buyers.
• PNC’s shareholder meeting to approve the new Board of Directors composition.
• Financial performance updates from both TLG and PNC as restructuring progresses.
• Any regulatory approvals required for foreign ownership changes in both companies.