RNT Television's chief executive officer Ruamnakorn Tabtimthongchai has become the major shareholder in Traffic Corner Holdings Plc after buying 58 million shares, or 16.92 per cent of the stock, for Bt46.98 million.

Traffic Corner said in a filing with the Stock Exchange of Thailand yesterday that Ruamnakorn had bought the stake from Suraphong Triamchanchai, the company's CEO, at Bt0.81 per share - well above Monday's closing price of Bt0.65.

The stock yesterday ended up 44.62 per cent at Bt0.94, off an intra-day high of Bt0.98.

Following the transaction, the second to sixth-largest shareholdings in RNT are unchanged.

Chanachai Leenabanchong is the company's second-largest shareholder with 5.88 per cent, while Nattaphol Churangkool, Taveechat Churangkool, Tawatchai Wilailak, and Charoenrat Wilailak hold 4.38 per cent, 2.99 per cent, 2.92

per cent and 2.92 per cent, respectively.

According to SET data as of April 28, Suraphong held an 18.44-per-cent stake in Traffic Corner.

"Police Colonel Suraphong Triamchanchai and Police Colonel Ruamnakorn Tabtimthongchai are not in any kind of relationship.

Suraphong Triamchanchai believes that Ruamnakorn Tabtimthongchai's experience in the radio and television industry will help the company expand and grow stronger," the filing stated.

The firm also affirmed that the change in its shareholding structure would not have any impact on its operations.

Suraphong said yesterday he had decided to divest his stake because he was tired and thought the sale would improve the company's performance.

"Although I tried very hard, the company's performance had not met expectations. It is time for a change in the management team," he said.

"Selling to Ruamnakorn is a good move as he has a lot of experience in satellite air-time management."

He said he would only be an adviser to the company after the transaction.

RNT owns management rights for the satellite air time of Thai TV Global Network of Television Channel 5, which is broadcast on channel BTV.

Traffic Corner's first-quarter net loss narrowed from Bt51.06 million in the same year ago period to Bt12 million.