Ruamnakorn is Traffic Corner's major shareholder with a 17.8-per-cent stake. In July, he bought 58 million shares, representing a 16.92-per-cent stake from Suraphong Triamchanchai at Bt0.81 per share.

The stock closed yesterday at Bt0.41, down 4.65 per cent.

"I was managing three companies - Traffic Corner, Thai Long Stay Management and RNT, and I did not have time to manage Traffic Corner as I would have liked. I have to travel to different provinces every day and so I decided to give up running Traffic Corner," Ruamnakorn said.

Since taking the helm of the entertainment firm, he has turned around its financial problems by bringing costs under control and divesting its loss-making newspaper business. He said that his shareholding in Traffic Corner would remain unchanged for the time being.

"I cannot forecast whether my holding in Traffic Corner will change in the future," he said, adding the choice of his successor would be up to the company's board.

The company plans to increase its registered capital from Bt30 million to Bt120 million by issuing 90 million shares to existing shareholders at a ratio of three new shares for each share already held. The board earlier reduced the firm's registered capital from Bt312.77 million to Bt30 million.

Proceeds from the share allocation will be used to pay Bt27 million for the licence to broadcast football matches and Bt43 million will be reserved as working capital.

The capital increase is subject to shareholders' approval, who are meeting tomorrow.

Traffic Corner posted a net loss of Bt82.33 million for the third quarter compared to a Bt16.98 million loss for the previous quarter.