The deal gives the family control of their second high-definition TV channel.

The Prasert family owns Bangkok Media and Broadcasting (BMB), operator of the PPTV high-definition digital TV channel. BMB won the licence from the auction of digital TV licences in 2013.

Prananporn, which is a separate corporate entity from BMB, is currently not the owner of any digital TV broadcasting licence services.

Natee Sukonrat, chairman of the broadcasting committee of the National Broadcasting and Telecommunications Commission, said the move reflected a change in One’s shareholding structure and he personally did not think they had violated any NBTC rules.

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

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

The GMM board acknowledged on November 10 at the shareholders’ meeting of One Enterprise and 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.

All these parties will jointly be liable for the guaranteed obligations and debts of One Enterprise Group.

On Wednesday, GMM entered into the agreement of sale and purchase of shares in One Enterprise. As a result of entering into this deal and the waiver of its right to purchase the newly-issued shares of One Enterprise, the GMM shareholding in One Enterprise has decreased from 51 per cent to 25.50 percent of the registered capital.

On February 28, shareholders of One Enterprise will convene to approve the first share-increase lot, when One Enterprise and the involved share-sellers will waive the right to purchase the newly issued ordinary shares.

Then Prananporn will subscribe to the first lot of newly issued capital, amounting to 5 million shares, which is equivalent to 20.79 per cent of the total shares of One Enterprise after the first capital increase at the price of Bt100 per share.

The second share subscription, at Bt100 per share, will take place on May 31, totalling 14.05 million shares, which will be equivalent to 36.88 per cent of the total shares of One Enterprise.

Takonkiat, the chief executive officer of One Enterprise, insisted that the management of his company would remain unchanged despite having a new investor.

He said Prananporn believed One channel had growth potential and had a trusted management team and was highly experienced in content production. That is why Prananporn decided to invest in One Enterprise.