Japanese stationery and office furniture company Kokuyo has approved an additional investment of 28 billion yen ($177 million) in its Singapore acquisition vehicle as part of its plan to make Vietnam’s listed stationery manufacturer Thien Long Group Corporation (TLG) a subsidiary.
The board approved the investment on September 30, according to a stock exchange filing. The funding will go to Synergy Investing ASIA Pte. Ltd., a wholly owned subsidiary established to acquire shares in Thien Long An Thinh Investment Corporation and Thien Long Group Corporation.
The timing of the capital injection remains subject to approval from the relevant Vietnamese authorities. The amount to be transferred in Singapore dollars will be determined using the exchange rate applicable at the time of transfer.
The filing did not disclose the stakes to be acquired in the Vietnamese companies or the total acquisition consideration.
Under its initial plan approved in December 2025, Kokuyo would acquire up to 65.01% of TLG through two transactions.
The first transaction is the acquisition of shares of Thien Long An Thinh Investment Corporation (TLAT), which currently holds 46.82% of TLG’s shares and is owned entirely by TLG’s founder and associates.
The second transaction is a tender offer through which TLG’s shareholders will be invited to tender their ordinary shares.
Established on December 15, 2025, Synergy Investing ASIA holds and manages investments. The additional investment will bring the vehicle’s capital above 10% of Kokuyo’s capital, making it a “specified subsidiary” under the Japanese company’s disclosure framework.
Kokuyo said the capital injection would have no notable impact on its consolidated financial performance for the current fiscal year.
Established in 1905, Kokuyo is one of Japan’s largest office furniture and stationery players specialising in the manufacturing and distribution of office furniture, supplies, stationery and related products. It is listed on the Tokyo Stock Exchange.
