Co Gia Tho nominated to the board of Phuong Nam Bookstore amid Thiên Long's plan to divest

“Pen king” Ms. Gia Tho has been nominated to the board of directors of Phuong Nam Culture Joint Stock Company (HOSE: PNC), the owner of the Phuong Nam bookstore chain, as the company moves forward with its plan to divest from PNC.

PNC board and supervisory board candidates for 2022–2026

The list of candidates for PNC’s board for the 2022–2026 term includes Mr. Gia Tho Cu, Mr. Nguyen Dinh Thu, Ms. Nguyen Thi Lan, and Ms. Hua Gia Tu.

Mr. Gia Tho (born 1958) is the founder of Thien Long Group and currently holds several key positions within the group’s corporate ecosystem.

Mr. Nguyen Dinh Thu currently serves as Investment Director of Thien Long Group. He previously worked at Ernst & Young Vietnam and at several units within Vingroup. He also sits on the board of PEGA Holdings, a joint venture between Thien Long and Pega, active in books and related products.

Ms. Nguyen Thi Lan has held senior positions at Saigon-based General Culture Company, the predecessor of PNC. She is currently Deputy Chief of the Office of the General Company of Industry - Printing and Packaging Liksin, and represents Liksin’s stake in PNC. Ms. Hua Gia Tu is presently the director of Echo Medi.

PNC also announced two candidates for the Supervisory Board: Mr. Yew Wan Kup (Malaysian nationality), formerly with Timo Digital and Citizen Wallet Myanmar, and Ms. Nguyen Thi Bich Nga.

Thien Long restructuring and plan to exit Phuong Nam

The personnel changes come as Thien Long restructures its investment portfolio and prepares to exit Phuong Nam. Previously, some senior Thien Long executives at PNC, such as Ms. Vo Thi Hoang Quan and Mr. Nguyen Ngoc Trung Chanh, had resigned from the board.

Thien Long began investing in PNC as early as June 2025 through its subsidiary Tan Luc Mien Nam, owning 49.49% of PNC and placing several executives in management roles. Phuong Nam Bookstores currently operate nearly 50 stores nationwide, mainly in central shopping districts, book streets, and major tourist destinations in Ho Chi Minh City.

Shift in strategy tied to Kokuyo’s reported share acquisition

The strategy shifted after Japanese stationery giant Kokuyo was reported to be negotiating to acquire shares from Thien Long An Thinh, the group’s largest shareholder holding 46.82% of TLG. Kokuyo was also reported to intend to bid for an additional 18.19% to raise its stake to 65.01%. If successful, Thien Long would become a subsidiary of Kokuyo.

In light of this, Thien Long decided to reorganize its investment portfolio, including the liquidation of Clever World (the operator of the Clever Box chain), divesting the entire 40% stake in Pega Holdings, and exiting Phuong Nam Bookstores.

Capital contribution and planned transfer of Evertrust

In March, Thien Long, via its subsidiary Tan Luc Mien Nam, contributed nearly VND 145 billion (about 99.94% of capital) to form Evertrust Investment Joint Stock Company. The entity was established to acquire all shares of TLG in PNC.

Subsequently, Thien Long planned to find partners to transfer Evertrust at a price not less than VND 144 billion. According to the company, this structure provides greater deal flexibility, enables multi-stage payments, and broadens investor access.