A Thai tycoon and transgender activist has purchased the Miss Universe organization for $31 million, according to a statement from the company he owns, the international press reports citing AP and Reuters. Chakrapong “Ann” Chakrayuthatib controls JKN Global Group Public Co. Ltd and is a Thai reality TV celebrity.

JKN said it has acquired the rights to the Miss Universe pageant from IMG Worldwide LLC, the marketing company that has owned the Miss Universe organization since 2015. Former US President Donald Trump also co-owned the pageant rights from 1996 until IMG’s acquisition.

In a statement following the acquisition, Ms. Chakrayutatib described the acquisition as a “strategic addition to our portfolio.” JKN, which distributes beverages, nutritional supplements, cosmetics, etc., said it will use the Miss Universe name to promote its products.

Ms Chakrayuthatib also said she wanted to use the beauty pageant to inspire women like her. “It’s a universal platform … It can be aspirational for a lot of people, especially women, LGBTQ people,” she said.

Ms. Chakrayuthatib spoke openly about her experience as a transgender woman and also founded the Life Inspired For Thailand Foundation to protect the rights of dignity of transgender people.

“I learned how to overcome pain and turn pain into strength,” she said.

A profile of Ms. Chakrapong in the Bangkok Post newspaper earlier this year said she attended an all-boys school as a youth, where she was bullied for posing as a woman.

After achieving financial success, she spent 40 million baht ($1.6 million) on gender reassignment surgery and other procedures, the newspaper reported.

Thailand enjoys a good international reputation when it comes to LGBT rights and lifestyles.