Investors dump stocks of Thai company that runs Miss Universe pageant | Inquirer Entertainment

Investors dump stocks of Thai company that runs Miss Universe pageant

/ 02:23 PM September 01, 2023

MUO owner Anne Jakrajutatip

MUO owner Anne Jakrajutatip/ANNE JAKRAJUTATIP FACEBOOK PHOTO

The share price of JKN Global Group Plc tumbled nearly 30% after the Stock Exchange of Thailand opened on Thursday–from 2.38 to 1.67 baht–after JKN reportedly failed to secure funds to repay a tranche of bonds due Friday, Sept. 1.

JKN must settle the outstanding debt of 443 million baht, including capital and interest, for its JKN239A debentures by Sept. 1. The total debt is 609 million baht (about US$ 17.5 million).

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JKN is best known for owning the rights to the Miss Universe pageant.

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Gun Hathaisattha, an analyst at CGS-CIMB Securities, told Krungthep Turakij newspaper on Thursday that the failure to secure funding had severely impacted JKN’s liquidity.

Krungthep Turakij is part of Nation Group.

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Citing similar incidents at STARK and ALL–two companies that had defaulted on debt repayments and caused significant losses to investors–he advised investors to avoid JKN’s debentures as well as the company’s ordinary shares.

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“As JKN shares are on the selling trend, investors who can not bear the risk should not consider keeping them,” Gun said. “JKN’s balance sheet, budget and cash flow point to a tight situation ahead.”

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Nattapon Kamthachue, director of investment analysis at Yuanta Securities, added that investors should wait to see JKN’s plan for postponing the deadline as well as the company’s strategy to address its financial situation.

JKN is a Thai multinational conglomerate with interests in beverages, content distribution, cosmetics, health products, home shopping, entertainment, events, film, personal care, advertising and television programs. AP/ra

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TAGS: Anne Jakrajutatip, Miss Universe

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