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Shares of JKN Global Group Plc (JKN) saw a decline following the announcement by the owner of the Miss Universe Organization that it cannot pay the 609 million baht worth of debentures, which is the first of seven tranches of debt amounting to 3.36 billion baht or over 5 billion pesos.
Initially, the chief executive officer, Jakkaphong “Anne” Jakrajutatip, stated on the Thailand Stock Exchange that the company would pay 156.6 million baht—146.62 million in principal and 9.98 million in interest. This payment covers only 26% of the total debt, leaving a balance of 443.4 million baht.
According to Anne, she plans to negotiate with the debenture holders on September 29 to seek approval for a repayment delay. Based on the Thai Bond Market Association, there are six more tranches of debentures for JKN, which need to be settled this year. These tranches are valued at 300 million, 578.6 million, 400 million, 800 million, 525 million, and 156.6 million baht with maturity dates in 2024 and 2025.
