Thien Long Group (stock code: TLG) has just sent a document to the Ho Chi Minh City Stock Exchange, reporting that its subsidiary, Tan Luc Mien Nam Trading and Service Company Limited, plans to receive shares transferred from shareholders of Phuong Nam Cultural Joint Stock Company (stock code: PNC, owner of Phuong Nam bookstore chain).
On the other hand, in the supplementary document submitted to the Annual General Meeting of Shareholders held at the end of May, Van Hoa Phuong Nam Joint Stock Company also submitted a request to shareholders for permission for a subsidiary of Thien Long Group to receive the transfer of a total of nearly 8.3 million PNC shares from 3 groups of individual shareholders. This amount of shares accounts for more than 75% of the company's charter capital.
Expected implementation time from Q2/2025 until completion of transactions. Order matching method and/or agreement through HoSE system.
PNC shares in the session of May 20 increased to the ceiling (7%), up to 22,000 VND/share after the above information was announced. At this price, the value of the above shares is estimated at over 182.6 billion VND.
Thien Long's participation is expected to bring a breath of fresh air to the bookstore chain after two consecutive years of declining revenue. In 2024, Phuong Nam Culture Company achieved net revenue of VND 614 billion , down 6% compared to the previous year.
Previously, at Thien Long's annual general meeting of shareholders in April, the company's leaders revealed that an M&A (merger and acquisition) deal was imminent, but due to confidentiality commitments, the information could not be disclosed.
PNC shares of Phuong Nam hit the ceiling after Thien Long's announcement Source: Fireant
Phuong Nam Cultural Company was established in 1982 and is currently one of the leading bookstore/stationery chains in Vietnam. This brand has nearly 50 stores, mainly concentrated in the Southern region and focusing on Ho Chi Minh City.
Meanwhile, Thien Long is also building a retail chain with 12 stores under the CleverBox and Peektoy brands nationwide, specializing in providing creative toys and gifts, targeting the youth segment.
At the end of 2024, Thien Long also decided to inject an additional VND 270 billion into Tan Luc Mien Nam Company to ensure capital for business expansion, helping to increase the charter capital of this subsidiary to VND 350 billion .
Source: https://nld.com.vn/vua-but-bi-thien-long-va-chuoi-nha-sach-phuong-nam-sap-ve-chung-mot-nha-19625052015260057.htm
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