JKN Global Group CEO Admits to “Forced Selling” of Shares

The founder and main stakeholder of the JKN Global Group has admitted that she sold nearly 100 million shares of the Miss Universe Organization operator through “forced selling” to comply with the margin accounting standards of the Stock Exchange of Thailand (SET).

This move was initiated following a more than 50% decline in its share value within a single week.

The statement was issued in the wake of the Securities and Exchange Commission’s (SEC) disclosure late on Wednesday that Jakkaphong Jakrajutatip, the chief executive and managing director of JKN, executed a series of company share transactions this week, fueling market rumors amidst the decline in stock value.

JKN’s stock value plummeted when the company, listed on the SET as a content distributor and media purchasing entity, announced its inability to settle 610 million baht in bond principal and accrued interest due on August 31.

Subsequently, on September 5, representatives on behalf of individuals holding six other debentures of JKN sent letters to the firm, demanding cross-defaults and the settlement of outstanding liabilities within a 30-day period starting September 1.

Ms. Jakkaphong informed the SEC of her participation in a series of transactions, selling and transferring JKN assets through forced selling, following a decline exceeding 50% in share value within a week’s span.

According to her disclosure, Pimauma Jakrajutatip, the chief content officer at JKN, sold 7.26 million company shares at a rate of 1.62 baht each on August 31, while Ms. Jakkaphong acquired a transfer of 30 million JKN shares.

Between September 1 and 4, Ms. Jakkaphong sold 92 million and 36,800 JKN shares for 1.27 and 1.07 baht each, respectively.

By September 5, she had secured a transfer of 47 million JKN shares. Following these transactions, Ms. Jakkaphong’s portfolio encompasses 392,287,682 shares, constituting a 38% stake in the total shares.

She announced that JKN has scheduled a meeting of bondholder representatives on September 27 to seek approval of the proposed plan.

“I would like to ask bondholders and investors not to believe rumours or fake news about the company. We have prepared solutions for debt repayment and are ready to discuss them with debenture creditors,” stated Ms. Jakkaphong.

JKN’s shares ended the trading session on the SET yesterday at a value of 1.05 baht each, marking a decrease of 6.25%, with the entire trading volume amounting to 117 million baht.