Phuong Nam Culture Joint Stock Company (Phuong Nam Bookstore - PNC) recently announced the resignation of three members from its Board of Directors: Vo Thi Hoang Quan, Tran Tue Tri, and Nguyen Ngoc Trung Chanh. Vo Thi Hoang Quan also requested to step down as General Director. Additionally, two members of the Supervisory Board, Nguyen Thi Huong Lan and Dang Thi Nhu Lieu, also wish to resign.

These resignations, primarily involving personnel from Thien Long Group (TLG), coincide with TLG's establishment of a new legal entity to facilitate its complete divestment from PNC. Except for Tran Tue Tri, the mentioned leaders are all from Thien Long Group. Vo Thi Hoang Quan, TLG's Chief Strategy Officer, was among the first high-level personnel appointed to manage Phuong Nam Bookstore after Thien Long acquired PNC in mid-last year.

On 18/3, Thien Long, through its subsidiary Tan Luc Mien Nam, contributed nearly 145 billion dong (99,94% of the capital) to establish Evertrust Investment Joint Stock Company. Co Gia Tho, Chairman of the Board of Directors, will serve as General Director and Chairman at Evertrust. This new entity was created to receive all of TLG's shares in PNC. Thien Long will then seek a partner to transfer all shares in Evertrust, with a target price no lower than 144 billion dong. The Board of Directors believes this strategy optimizes financial benefits and increases transaction flexibility, allowing partners to pay in installments and expanding investor access.

Although TLG nominally still owns PNC, a VnExpress source indicates that Thien Long is no longer involved with Phuong Nam Bookstore. TLG initially invested in PNC through Tan Luc Mien Nam in June last year, acquiring 49,49% of the shares. At that time, TLG appointed several high-level personnel to manage the bookstore chain. Phuong Nam operates nearly 50 bookstores nationwide, many in prime locations within commercial centers, book streets, and major tourist-shopping destinations in TP HCM.

Inside Phuong Nam Bookstore on Nguyen Trai street, TP HCM. *Photo: PNC*

The initial investment in PNC was part of TLG's strategic move to develop new product categories, particularly toys and lifestyle goods, which the group had pursued in recent years. However, this divestment from Phuong Nam Bookstore is part of a broader restructuring within Thien Long Group.

Co Gia Tho, Chairman of the Board of Directors of Thien Long Group, being interviewed by VnExpress at his office, March last year. *Photo: Thanh Nguyen*

By early February, TLG decided to change the investment portfolio structure in its associated companies. The enterprise aims to dissolve Clever World Company, which operated the Clever Box chain of toy, gift accessory, and stationery stores. This chain was closely associated with Co Tran Dinh Dinh, Co Gia Tho's daughter. Concurrently, Thien Long will transfer all 40% of its capital in Pega Holdings for a price no less than 35 billion dong. Pega Holdings is a joint venture between TLG and Pega Company, focusing on books, newspapers, and magazines.

These internal changes at Thien Long Group follow an announcement late last year by Thien Long An Thinh Investment, the largest shareholder with 46,82% of TLG's capital. Thien Long An Thinh Investment stated it was negotiating with Kokuyo Group (Japan) to transfer all its shares. Kokuyo also plans a public offer to acquire an additional 18,19% of TLG's capital. If successful, Kokuyo's ownership would reach 65,01%, making Thien Long a subsidiary.

Thien Long Group, established in 1981, was founded by Co Gia Tho. He built it from a small workshop into a leading enterprise in pens and stationery. Thien Long is known for its ballpoint pen products and other brands such as Flexoffice stationery, Bizner premium pens, and Colokit art supplies.