JKN Global Media Public Company Limited (JKN) announced that the Board of Directors’ Meeting held on October 26, 2020, had a resolution to approve 1) the acquisition of all shares in JKN Global Living Network Co., Ltd. (JKN Global Living) from the existing shareholders, namely (1) Mr. Jakkaphong Jakrajutatip; (2) Miss Pimauma Jakrajutatip; and (3) Mrs. Pitsamai Likhitumnouy, as connected persons, totaling 1,000,000 shares, with a par value of THB 100.00 per share (paid-up at THB 25.00 per share) at the price of THB 49.00 per share, thereby bringing the total investment to not exceeding THB 49,000,000, and the Company expected to conclude the JKN Global Living Share Acquisition Transaction by the second quarter of 2021.
At present, JKN Global Living operates the business relating to the investment, manufacturing and distribution of health, beauty and consumer products via its direct and indirect shareholding in five subsidiaries.
Therefore, after the acquisition of shares in JKN Global Living, the Company will be indirectly holding shares in those five subsidiaries of JKN Global Living, namely: (1) JKN Health and Beauty Co., Ltd.; (2) JKN Consumer Products Co., Ltd.; (3) JKN Meewoy Co., Ltd.; (4) JKN To Fit Food Co., Ltd.; and (5) JKN Genius Family Co., Ltd.
2) The establishment of a new joint venture company of the Company namely JKN MNB Co., Ltd. in Thailand to operate the business of distribution of beverages with a registered capital of THB 34,000,000, expecting to be completed by the second quarter of 2021.
JKN will hold 51 percent of all issued shares whereas other joint venture partners which are not the Company’s connected persons will hold the other 49 percent of all issued shares.
In addition, JKN had a resolution to change the name of the Company’s subsidiary from “JKN Channel Co., Ltd.” to “JKN Live Co., Ltd.” and also change such company’s nature of business operations from satellite TV station business in the entertainment segmentvia JKN Dramax Channel and airtime services for advertisement to production service, studio leasing, costume rental (apparel and / or accessories), event organizer and artist management and to approve such change of the nature of business operations of JKN News Co., Ltd., a subsidiary of the Company, from economic news production under the name JKN CNBC broadcasted through digital television stations and online media to production of economic news agency of JKN CNBC.
The execution of the JKN Global Living Share Acquisition Transaction and the JKN MNB Establishment Transaction on this occasion will enable the Company to expand the scope of its business operations to new business models, which is manufacturing or distribute of health products, cosmetics and customer products, and the business of distribution of beverages, all of which are interesting with potential and likely to benefit the Company and its shareholders.