Phuong Nam Culture Joint Stock Company (Phuong Nam Bookstore - PNC) recently announced its list of candidates for the board of directors for the remainder of the 2022-2026 term. There are four candidates: Nguyen Thi Lan, Hua Gia Tu, Nguyen Dinh Thu, and Co Gia Tho.

Co Gia Tho currently serves as chairman of the board of directors for Thien Long Group (TLG) and Tan Luc Mien Nam Company, a TLG subsidiary. He built his career from a small workshop in 1981, establishing an industry-leading enterprise in pens and stationery.

Thien Long is known for its eponymous ballpoint pens and other brands, including Flexoffice stationery, Bizner premium pens, and Colokit art supplies. Early entry into the export market has led to their products being present in over 70 countries and territories.

Co Gia Tho, chairman of Thien Long Group's board of directors, spoke to VnExpress at his office in 3/2025. Photo: Thanh Nguyen

TLG invested in PNC through its subsidiary, Tan Luc Mien Nam, in 6/2025, acquiring 49,49% of shares. Simultaneously, TLG appointed several senior personnel to manage the bookstore chain. Phuong Nam operates nearly 50 bookstores nationwide, with most located in prime locations within shopping malls, book streets, and major tourist and shopping destinations in Ho Chi Minh City.

At the time, TLG's management board stated that investing in PNC was a strategic step in developing new product categories, particularly toys and lifestyle products, which the group had pursued in recent years.

However, in early february, Thien Long altered its investment portfolio structure for associate companies. The company announced plans to restructure and divest from Phuong Nam Bookstore at a price not lower than VND 144 billion. This decision came just two months after Kokuyo Group (Japan) announced its plan to acquire Thien Long and make it a subsidiary.

By mid-march, TLG, through its subsidiary Tan Luc Mien Nam, had contributed nearly VND 145 billion (accounting for 99,94% of capital) to establish a new legal entity: Evertrust Investment Joint Stock Company. Co Gia Tho serves as the General Director and Chairman of Evertrust.

This new entity was created to receive all of TLG's shares in PNC. Subsequently, Thien Long plans to seek a partner to transfer all shares in Evertrust, with a target price not lower than VND 144 billion.

In late march, PNC received resignation letters from three board members: Vo Thi Hoang Quan, Tran Tue Tri, and Nguyen Ngoc Trung Chanh. Vo Thi Hoang Quan, TLG's strategy director, was among the first senior personnel nominated to take over Phuong Nam Bookstore after Thien Long acquired PNC in mid-2025.

Tat Dat