“We accepted that if we increase our register capital by ourselves that will not be enough for our business expansion and competition in the digital TV market next year. As a result, we decided to sell shares to our new partner who will support us financially, although we will not change management after the deal is complete,” he said.

However, Prananporn representatives will be directors of One Enterprise when the deal is complete, Takonkiet said.

He added that the National Broadcasting and Telecommunications Commission did not need to be informed of the deal because Prananporn is owned by Poramaporn Prasarttong-Osoth, the daughter of billionaire Prasert Prasarttong-Osoth. Poramaporn has no stake in PPTV digital TV, where Prasert Prasarttong-Osoth is the major stakeholder.

“We are still free to … aggressively invest to produce TV programmes in 2017 that will improve our ratings and income over our earlier estimates, although we cannot provide more information about our business plan,” Takonkiet said.

He added that he will still hold 24.5 per cent shares in One Enterprise Co Ltd after the deal is complete and he has no plans to sell. “But we cannot promise what will happen in the future but for now, we have no plan,” Takonkiet said.

On Tuesday, GMM filed a plan with the Stock Exchange of Thailand to increase the registered capital of One Enterprise, which owns 100 per cent of GMM One TV Co Ltd, the operator of One.

GMM holds 51 per cent of the shares in One Enterprise and Takonkiet’s group holds 49 per cent.

The GMM board acknowledged at the shareholders’ meeting of One Enterprise on November 10 the plan to increase the latter’s registered capital by Bt1.905 billion by issuing 19.05 million newly-issued shares at a par value of Bt100 per share.

The newly issued shares will be offered to Prananporn, which will become a shareholder of One Enterprise before One Enterprise increases its registered capital. After the capital increase, One Enterprise’s registered capital will rise to Bt3.810 billion.

One Enterprise will divide the capital increase into two stages. After the completion of both capital increases, Prananporn will hold a 50-per-cent stake in One Enterprise, while GMM and the Takonkiet group, which will waive the right to buy the newly issued shares, will hold 25.50 per cent and 24.50 per cent, respectively. The deal will be complete on May 31, 2017.

Meanwhile, Takonkiet said that its financial result in the fourth quarter of this year were lower than its estimation by about 10 per cent. He said, however, that the company has confidence its total revenue will achieve its early target of Bt1.8 billion.