Anne Jakapong Jakrajutatip, a transgender Thai businesswoman, has bought the Miss Universe pageant company, formerly owned by Donald Trump, for $20 million, the company said in a statement.

Thai TV celebrity and LGBTQ rights advocate, “Anne JKN” is the first woman to lead the famous beauty pageant.

She runs media group JKN Global and is known in her country for hosting the Thai version of Project Runway, a fashion reality show.

His fortune is estimated at $170 million, according to Forbes.

This acquisition of Miss Universe Organization (MUO) will strengthen Thailand's image abroad, she hopes.

"I hope it will serve Thailand's power of influence and attract more tourists to our country," she told reporters in Bangkok.

It is a “strong and strategic addition” to her company’s portfolio, she added.

It took a year to finalize negotiations with former owner IMG, a subsidiary of American entertainment giant Endeavor.

In a Facebook post, she thanked contest fans for their love and support.

“We not only seek to continue the legacy of the competition by providing a platform for passionate people from diverse backgrounds, cultures and traditions, but also to evolve the brand for the next generation,” the businesswoman said in a statement.

Amy Emmerich and Paula Shugart, MUO's chief executive and president, respectively, will remain.

The competition has existed for 71 years and the next edition will take place in New Orleans, USA, next January.

The competition is broadcast in 165 countries.

JKN Global Group holds the distribution rights for foreign documentaries, TV dramas and reality TV shows in Thailand.

IMG had owned the contest organization since 2015 after buying it from businessman and former US President Donald Trump, who had owned it since 1996.