JKN Global Group Public Company Limited (SET: JKN) announced that the company has received a payment of USD 13,3800,000 from the sales of JKN Legacy, Inc. to Legacy Holding Group USA Inc. However, the purchaser refuse to acquire the remaining of the share.
Reference was made to the previous notification by JKN to the Stock Exchange of Thailand regarding the disposal of ordinary shares in JKN Legacy, Inc. (JKN Legacy), a subsidiary that operates the Miss Universe Organization (MUO) and holds the rights to the Miss Universe pageant, an amount equivalent to 50% of the total shares (Sale Shares) for a total purchase price of USD 16,000,000 (Purchase Price), payable in cash, the transaction of which was executed under a Share Purchase Agreement between JKN Global Content Pte. Ltd. (JKN Global Content), a wholly-owned subsidiary of the Company (as the seller), and Legacy Holding Group USA Inc. (LHG) (as the buyer) (the Share Purchase Agreement).
| Installment | Month/Year | Payment (USD) | Number of Shares Transferred | Shareholding Percentage (%) |
|---|---|---|---|---|
| Within December 2023 | 9,000,000 | |||
| 1 | Within January 2024 | 9,000,000 | 280 | 28% |
| 2 | Within May 2024 | 3,000,000 | 110 | 11% |
| 3 | Within September 2024 | 4,000,000 | 110 | 11% |
| Total | 16,000,000 | 500 | 50% | |
The company stated that, as of now, LHG has paid a total of USD 13,3800,000 to JKN Global Content. Consequently, LHG is entitled to receive Sale Shares of only 41.81% of the total shares, in accordance with the payment and share transfer conditions outlined above.
Regarding the remaining outstanding Purchase Price of USD 2,620,000 and the transfer of the remaining Sale Shares of 8.19% of the total shares, JKN Global Content is actively pursuing payment, negotiating, and engaging with LHG to reach a resolution on the matter. JKN stated that LHG is not entitled to receive the remaining Sale Shares until the full Purchase Price has been paid to JKN Global Content.
