8-9-2023 (BANGKOK) The founder and largest shareholder of JKN Global Group, Jakkaphong Jakrajutatip, has disclosed that she sold approximately 100 million shares of the company, which operates the Miss Universe Organization, due to “forced selling.” This decision was prompted by the need to comply with the margin accounting rules of the Stock Exchange of Thailand (SET) following a sharp decline in the share price, which plummeted by over 50% within a week.
The announcement came in response to information released by the Securities and Exchange Commission (SEC) late on Wednesday. The SEC revealed that Jakkaphong Jakrajutatip, the chief executive and managing director of JKN, had executed multiple sales and transfers of the company’s shares earlier this week, causing speculation in the market amid the stock price downturn.
JKN’s share prices experienced a significant drop after the SET-listed content distributor and media buying company announced its inability to fully repay 610 million baht worth of bond principal and interest due on August 31. On September 5, representatives of holders of JKN’s six other debentures sent letters to the company, demanding cross-defaults and the repayment of debts within 30 days from September 1.
In her report to the SEC, Ms. Jakkaphong clarified that she had undertaken several transactions, including selling and transferring JKN stock through forced selling as a result of the share price declining by more than 50% within a week. According to her statement, Pimauma Jakrajutatip, JKN’s Chief Content Officer, sold 7.26 million shares of the company at 1.62 baht per share on August 31, while Ms. Jakkaphong received a transfer of 30 million JKN shares.
Subsequently, on September 1 and 4, Ms. Jakkaphong sold 92 million and 36,800 shares of JKN at prices of 1.27 and 1.07 baht per share, respectively. On September 5, she received a transfer of 47 million shares of JKN. Following these transactions, Ms. Jakkaphong retains ownership of 392,287,682 shares, constituting 38% of the total.
Ms. Jakkaphong announced that JKN has scheduled a meeting of bondholder representatives for September 27 to seek approval of a proposed plan. She urged bondholders and investors not to believe rumors or false information about the company, assuring them that JKN has prepared solutions for debt repayment and is prepared to engage in discussions with debenture creditors.
On the SET, JKN’s shares closed at 1.05 baht yesterday, marking a 6.25% decline, with a trade value of 117 million baht.
