JKN acknowledges considering the search for new investors amid swirling rumors of preparing to sell the beauty pageant business, Miss Universe.
Mr. Chakkapong Jakrajutatip, CEO and Managing Director of JKN Global Group Public Company Limited, stated to the stock exchange that in response to online media reports, the company is actively seeking investors with expertise and financial resources. The aim is to enable the company to achieve its business management plans and develop the potential of its subsidiary companies involved in the Miss Universe beauty pageant competition.
JKN has been in contact with potential investors and funding sources, studying investment proposals, and expects to provide a conclusion on the matter in the near future.
In the meantime, news outlets report that there is a current trend suggesting that JKN is set to sell the Miss Universe Organization (MUO) to Mr. Raul Rosa, a Mexican billionaire. Speculation within the beauty pageant industry in the Philippines suggests a possible change in ownership or a joint venture between JKN and the Mexican businessman.
Regarding the negotiation for the sale of MUO, JKN will need to go through the business recovery process as previously filed with the court, which has ordered the company to enter the rehabilitation process.
JKN is required to develop a business recovery plan for approval by creditors to address debt and asset issues. While negotiations for the sale of MUO may proceed, the final step will require approval from creditors, unless it involves the negotiation of managing the competition rights in each country, which can proceed as part of normal business operations. (TNA)
