Miss Grand International Public Company Limited (mai: MGI) caught investors off guard this morning by revealing a subscription to a private placement issued by JKN Global Group Public Company Limited (SET: JKN). Notably, JKN has yet to release any information about this issuance to the Stock Exchange of Thailand.
According to disclosed information by MGI this morning, the company will inject 50,000,000 baht to JKN via a subscription of 100,000,000 newly issued ordinary shares from JKN, with a par value of THB 0.50 per share, at a subscription price of THB 0.50 per share. The transaction is expected to be completed within the fourth quarter of 2025.
However, MGI noted that the obligation to subscribe for the newly issued ordinary shares and to make payment for such shares to JKN under this agreement shall arise only upon the fulfillment of the following key conditions precedent.
- The creditors’ meeting of JKN and the Central Bankruptcy Court, which is considering JKN’s business rehabilitation petition, have approved the rehabilitation plan, which has been submitted by JKN’s plan preparer (including any amendments to the rehabilitation plan as proposed by the creditors, if any), and the Central Bankruptcy Court has granted approval for the transaction regarding the issuance and offering of the newly issued ordinary shares.
- JKN proceeds with the issuance and offering of the said newly issued ordinary shares to the company under the approval of the Central Bankruptcy Court’s order on the rehabilitation plan.
In February, JKN announced that it has granted the right to conduct Miss Universe Thailand (MUT) pageant, for a period from 2025 to 2029, to MGI. In exchange, JKN will receive a licensing fee of 180 million baht.
Strategically, MGI has entered into a written agreement with JKN, which would grant the Company the exclusive right (First Right) to renew the license agreement for the management of the Miss Universe Thailand (MUT) pageant for an additional total period of 20 years. The license renewal will be exercised periodically in 5-year terms.
JKN is currently in the process of rehabilitation due to a liquidity crunch. The company finally submitted the plan to the Central Bankruptcy Court on April 4 for approval after several postponements.
