The founder and largest shareholder of JKN Global Group says she sold nearly 100 million shares of the Miss Universe Organization operator through "forced selling" to comply with the margin accounting rules of the Stock Exchange of Thailand (SET) after its share price dropped by more than 50% in one week.
The comment was made after the Securities and Exchange Commission (SEC) released information late on Wednesday that Jakkaphong Jakrajutatip, chief executive and managing director of JKN, made several sales and transfers of the company's shares this week, causing market speculation amid the drop in the stock price.
Shares of JKN have plunged after the SET-listed content distributor and media buying company announced it could not fully pay 610 million baht worth of bond principal and interest due on Aug 31. On Sept 5, representatives of holders of JKN's six other debentures sent letters to the company, demanding cross-defaults and repayment of debts within 30 days from Sept 1.
Ms Jakkaphong reported to the SEC she made several transactions, selling and transferring JKN stock via forced selling after the share price dipped by more than 50% in a week. According to her statement, Pimauma Jakrajutatip, JKN's chief content officer, sold 7.26 million shares of the company at 1.62 baht apiece on Aug 31, while Ms Jakkaphong received a transfer of 30 million JKN shares.
On Sept 1 and 4, Ms Jakkaphong sold 92 million and 36,800 shares of JKN for 1.27 and 1.07 baht, respectively. On Sept 5, she received a transfer of 47 million shares of JKN. After those transactions, Ms Jakkaphong owns 392,287,682 shares, accounting for 38% of the total.
She said JKN scheduled a meeting of bondholder representatives on Sept 27 to request approval of the 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 payment and are ready to discuss with debenture creditors," said Ms Jakkaphong.
Shares of JKN closed yesterday on the SET at 1.05 baht, down 6.25%, in trade worth 117 million baht.