19-11-2023 (BANGKOK) The Securities and Exchange Commission (SEC) of Thailand disclosed on November 17 that Ann-Jakkaphong Jakrajutatip, the CEO of JKN Global Group Pcl and owner of the Miss Universe brand, has divested 60 million shares in two separate transactions. This move comes in the wake of JKN’s recent filing for business rehabilitation.
In the first transaction, which took place on November 13, Ann-Jakkaphong reported the sale of 4,149,400 shares at a rate of 0.38 baht per share. The second transaction occurred on November 14, involving the sale of 55,850,600 shares at a rate of 0.27 baht per share. The cumulative proceeds from these transactions surpassed 16 million baht.
On November 9, JKN formally submitted a petition for business rehabilitation to the Stock Exchange of Thailand, utilizing the Bankruptcy Act of 1940. The court subsequently issued an “order accepting the petition for business rehabilitation,” with a scheduled hearing set for January 29, 2024.
Acknowledging the urgency imposed by the sharp decline in stock prices, Ann-Jakrapong clarified that the share sales were necessitated by margin account conditions or forced selling. Despite the divestment, she maintains a 32.20% stake in JKN and affirms her commitment to actively managing the company.
Notably, JKN had acquired the Miss Universe brand for 800 million baht in the previous year, expressing intentions to enhance the brand’s value by a minimum of 40%. The ongoing developments within JKN and Ann-Jakkaphong’s stake management reflect the challenging landscape the company currently navigates.
