Viroj Chunprathipthong, president of Tang Hua Seng, a wholly Thai-owned retailer, said he decided to give up a 45-year-long battle to keep the company family-controlled by list it on the Market for Alternative Investment (mai).

Viroj said he is negotiating with Thai, Japanese and Singaporean businesspeople to establish a strategically joint venture business that hopes to seal the deal within this year.

According to the plan, 55% stake of the company will remain controlled by the current owner and 45% go to new financial partners.

Viroj also plans to float its shares on the Market for Alternative Investment in the second quarter next year and appointed Asset Pro Management as financial adviser for the IPO. He expects to raise between 200 million and 300 million baht to renovate Tang Hua Seng department stores in Bang Lamphu and Thon Buri districts. This includes re-branding its five existing mini-marts under the Get It franchise, creating a new supermarket brand and opening three or four more Get It supermarkets each year in Bangkok and its neighboring provinces.

Tang Hua Seng hopes to see revenue grow by 15% to more than two billion baht in 2008, pushed by its attractive locations nearby several expanding property projects and newly opened Phra elevated train route.