Shares of JKN Global Group Plc jumped 25% on Thursday, with turnover more than 30 times their normal daily average, a day after the company announced it had acquired the firm that runs the Miss Universe pageant.
Chief executive Jakkaphong “Anne” Jakrajutatip, who also hosts the Thai edition of Project Runway, becomes the first woman to own the beauty pageant organisation outright.
The media mogul and transgender rights campaigner announced on Wednesday that SET-listed JKN would acquire Miss Universe Organization, which runs the annual international pageant, from IMG Worldwide LLC for US$20 million.
For much of its 70-year history, the pageant — at one point owned by former US president Donald Trump — has been criticised as promoting outmoded ideas of femininity.
But Ms Jakkaphong said in a statement that the acquisition was an opportunity to “evolve the brand”, while telling reporters she hoped it would also boost Thailand’s image abroad.
“I hope that this will serve as soft power for Thailand, and bring more tourists to our country,” she said.
In a Facebook post, Ms Jakkaphong thanked fans of the pageant for their love and support.
“We seek not only to continue its legacy of providing a platform to passionate individuals from diverse backgrounds, cultures, and traditions, but also to evolve the brand for the next generation,” she said in a statement.
The acquisition fits into JKN’s ecosystem and gives her a platform to inspire others, she told Reuters.
“It’s a universal platform,” she said in English. “I can become the aspiration for so many people, in particular women, LGBTQ, so they can transform.
Ms Jakkaphong has been outspoken about her experience as a transgender woman and also set up the Life Inspired For Thailand Foundation to advocate for the rights to dignity and opportunities for trans people.
She has also spoken out about her struggles with bullying and sexual harassment growing up.
“I learned to get through pain, therefore I prepared myself to be ready all the time. … I turned pain into power.”
She said Miss Universe can promote Thailand’s “Five F-factors” tourism campaign, boosting fighting (Muay Thai), films, festivals, fashion and food.
“It’s almost one billion people watching and owned by a Thai transwoman, one hundred percent,” she said. “We have the best vehicle now and so why don’t we use me?”
Miss Universe Organisation chief executive Amy Emmerich and president Paula Shugart will stay on in their roles, JKN has said.
The next Miss Universe pageant is scheduled for the US city of New Orleans next January. The contest is broadcast in 165 countries.
JKN Global Group holds distribution rights for a number of foreign documentaries, TV dramas and reality television shows in Thailand.
The Miss Universe brand can also help strengthen the firm’s commerce business, which includes dietary supplements, drinks, skincare products and cosmetics, and other lifestyle items, said Ms Jakkaphong.
JKN shares closed on Thursday on the Stock Exchange of Thailand at 5.60 baht, up 1.14 baht or 25.6%, in heavy trade worth 1.5 billion baht. Normal daily turnover in the shares is usually less than 50 million baht.
