JKN board gives green light to sell 50% stake in Miss Universe to new joint venture partner Legacy Holding Group USA Inc. worth 581.9 million baht. The transaction is expected to be completed in September 2024.
Mr. Jakkraphong Chakrajutathip or Ann, Chief Executive Officer and Managing Director of JKN Global Group Public Company Limited, securities name JKN, informed the Stock Exchange of Thailand that the meeting of the Board of Directors It was resolved to acknowledge that JKN Global Content, a subsidiary company in which the Company holds 100 percent of the total shares. has proceeded to sell common shares in JKN Legacy, Inc. (JKN Legacy), a subsidiary that operates the Miss Universe Organization business and holds the copyright for Miss Universe.
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to Legacy Holding Group USA Inc. (LHG), the buyer, in the amount of 500 shares, with a par value of 0.0001 USD per share, representing 50 percent of all shares in JKN Legacy, with a total purchase price of 16,000,000 USD or approximately 581,920,000 baht using the exchange rate of Krung Thai Bank Public Company Limited as of 20 Oct. 2023, which is 1 US dollar equal to 36.37 baht.
In this regard, the disposal of investment in the said subsidiary company The objective is to increase the potential and strengthen the MUO, including the readiness of capital. from the funding source received from LHG, as LHG is considered an important global strategic partner that can bring experience and expertise come together to drive the business and expand the Miss Universe brand into premium products and services.
In the transaction of disposal of investment in the above subsidiary company. JKN Global Content, as the seller, has entered into the relevant share purchase agreement with LHG, as the buyer. (Share Purchase Agreement) has been completed on October 20, 2023. The Company expects that the sale of investment in the subsidiary will be completed. Will be completed by September 2024.
JKN Global Content and LHG can agree in writing to postpone the stock trading date as necessary. After the disposal of investment in subsidiary JKN Global Content, there will be 500 shares held in JKN Legacy, representing 50 percent of the total shares in JKN Legacy.
and JKN Global Content will still have control over JKN Legacy, with the right to appoint 3 persons as determined by JKN Global Content (from a total of 5 directors) to be directors of JKN Legacy. This is considered a majority vote at JKN Legacy’s board meeting and has the power to make final decisions in the management of JKN Legacy. In this regard, the Company is still able to use the financial statements of JKN Legacy, a subsidiary company, to prepare the Company’s consolidated financial statements. (Consolidation)
For the disposal of investment in the subsidiary company, it does not affect the operating results. or the financial position of the company in any way and has complied with the criteria and related laws At the same time, the Company and LHG have agreed to appoint and allocate employees at the executive level with knowledge, abilities, and experience to manage the JKN Legacy’s headquarters in New York State (New York) to work on the management of the 2 MUO brands ( Brand Management) and developing the skills and abilities of artists and beauty queens (Talent Development)
However, regarding duties and responsibilities in managing the Miss Universe organization MUO, the Company and LHG have divided duties according to area and geography as follows:
1. LHG, headquartered in Mexico (Mexico), is responsible for the regions of North America (North America) and South America (South America) and
2. The company headquartered in Thailand (Thailand) will take care of responsibility for the area of Asia (Asia) and other countries. all the rest
However, even though the size of the transaction does not reach the criteria that the company must notify of the disposal of the company’s assets, subsidiary of the company to the Stock Exchange of Thailand The Company considers that the said transaction is a transaction that shareholders and investors may be interested in and would like to receive accurate information directly from the Company. Therefore, for the benefit of shareholders and investors as well as all involved parties The Company therefore considers notifying the disposal of investment in the said subsidiary. In order to know generally correct information through the information dissemination system of the Stock Exchange of Thailand.
However, the latest JKN stock The market closed on January 23, 2024. The price was at 0.76 baht per share, a total of 2 days, the value increased 49% and was considered the highest level in 2 months.
Read the full details at: Notification of the disposal of assets of the company’s subsidiaries
2024-01-23 14:02:00
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