Latest news with #GulfDevelopment
Entrepreneur
22-05-2025
- Business
- Entrepreneur
Gulf Development Increases Stake in Kasikornbank to $610 Million
Gulf Development PCL has significantly increased its investment in Kasikornbank PCL, acquiring a stake worth approximately $610 million. The move positions Gulf Development as the third-largest shareholder in the commercial... This story originally appeared on Calendar Gulf Development PCL has significantly increased its investment in Kasikornbank PCL, acquiring a stake worth approximately $610 million. The move positions Gulf Development as the third-largest shareholder in the commercial lending institution. The company, controlled by Sarath Ratanavadi, Thailand's wealthiest individual, has strategically expanded its financial portfolio through this substantial investment in one of Thailand's major banking entities. Strategic Investment in Thailand's Banking Sector This investment represents a notable shift in Gulf Development's holdings and signals potential interest in diversifying beyond its traditional business areas. By securing the position of the third-largest shareholder, Gulf Development gains significant influence within Kasikornbank's corporate structure. Financial analysts view this move as part of Ratanavadi's broader strategy to strengthen his business empire's presence in Thailand's financial services sector. Thailand's banking industry has shown resilience despite economic challenges in recent years, making it an attractive investment target for major business groups. Ratanavadi's Growing Business Empire Sarath Ratanavadi has built his fortune primarily through energy and infrastructure investments. His main business vehicle, Gulf Energy Development, has established itself as one of Thailand's largest private power producers. The billionaire's business approach typically involves: Strategic investments in essential infrastructure Diversification across complementary sectors Building minority stakes before increasing influence This latest investment in Kasikornbank follows a pattern of calculated moves into various sectors of the Thai economy, allowing Ratanavadi to expand his influence across multiple industries while managing risk through diversification. Implications for Kasikornbank For Kasikornbank, having Gulf Development as a major shareholder brings stability and potential new business directions. The bank, which ranks among Thailand's largest financial institutions, may benefit from stronger connections to Gulf's industrial and energy clients. Banking experts suggest this investment could enhance cooperation between Kasikornbank's financial services and Gulf Development's extensive business network. Such synergies might include preferential financing for Gulf-related projects or joint ventures in financial technology. This investment creates opportunities for both organizations to leverage each other's strengths,' noted a Bangkok-based financial analyst familiar with the transaction. The $610 million stake represents a substantial financial commitment and demonstrates strong confidence in Kasikornbank's long-term prospects and management. As Thailand's economy continues to evolve, this partnership between one of the country's wealthiest business leaders and a significant financial institution may shape future developments in both the banking sector and the broader Thai economy. The transaction also highlights the ongoing trend of industrial conglomerates increasing their stakes in financial services companies across Southeast Asia. The post Gulf Development Increases Stake in Kasikornbank to $610 Million appeared first on Calendar.
Forbes
20-05-2025
- Business
- Forbes
Billionaire Sarath Ratanavadi's Gulf Development Becomes Kasikornbank's Third-Largest Shareholder
A Gulf Development gas-fired power plant. Gulf Development—controlled by billionaire Sarath Ratanavadi-has increased its stake in Kasikornbank—making the energy and telecommunications giant the lender's third-largest shareholder. Bangkok-listed Gulf Development bought an additional 0.5% stake in Kasikornbank, raising its stake in Thailand's third-largest bank by assets to 5.2%, the company said in a regulatory filing. The investment is part of the continuing diversification strategy at Gulf Development, a power producer founded by Sarath in 2007. Since then the company has grown to become one of Thailand's largest conglomerates with interests in telecommunications, and digital infrastructure. It is the top shareholder of Advanced Info Service, the country's No. 2 mobile carrier by revenue. Beyond traditional financial services, Kasikornbank provides Gulf a potential virtual banking platform. Kasikornbank also owns a 38.3% stake in non-listed Muang Thai Life Assurance, which generated 5.6 billion baht ($169 million) net profit on 91.9 billion baht in revenues in 2024. 'We see this as a strategic long-term positioning move. Gulf is evolving into a national-scale infrastructure conglomerate—now covering power, telecom, satellite, banking, and potentially life insurance,' said Wetid Tangjindakun, analyst at KGI Securities (Thailand). 'Given the scarcity of quality growth names in Thai equities, Gulf stands out as a proxy for Thailand's structural digital and infrastructure evolution.' Gulf has been scaling up its investments in digital infrastructure. Last June, it partnered with Alphabet's Google to build artificial intelligence-powered cloud facilities in Thailand. Gulf Binance, a partnership between Gulf Energy and billionaire Chanpeng Zhao's Binance, started a crypto currency exchange in Thailand last year. With a real-time net worth of $12.9 billion, Sarath is among the wealthiest in Thailand. Bulf of his fortunes comes from his stake in Gulf, which has a market capitalization of about $22 billion.
Forbes
20-05-2025
- Business
- Forbes
Thai Energy Billionaire Becomes Kasikornbank's Third-Largest Shareholder
A Gulf Development gas-fired power plant. Gulf Development—controlled by billionaire Sarath Ratanavadi-has increased its stake in Kasikornbank—making the energy and telecommunications giant the lender's third-largest shareholder. Bangkok-listed Gulf Development bought an additional 0.5% stake in Kasikornbank, raising its stake in Thailand's third-largest bank by assets to 5.2%, the company said in a regulatory filing. The investment is part of the continuing diversification strategy at Gulf Development, a power producer founded by Sarath in 2007. Since then the company has grown to become one of Thailand's largest conglomerates with interests in telecommunications, and digital infrastructure. It is the second-biggest shareholder of Advanced Info Service, Thailand's No. 2 mobile carrier by revenue. Beyond traditional financial services, Kasikornbank provides Gulf a potential virtual banking platform. Kasikornbank also owns a 38.3% stake in non-listed Muang Thai Life Assurance, which generated 5.6 billion baht ($169 million) net profit on 91.9 billion baht in revenues in 2024. 'We see this as a strategic long-term positioning move. Gulf is evolving into a national-scale infrastructure conglomerate—now covering power, telecom, satellite, banking, and potentially life insurance,' said Wetid Tangjindakun, analyst at KGI Securities (Thailand). 'Given the scarcity of quality growth names in Thai equities, Gulf stands out as a proxy for Thailand's structural digital and infrastructure evolution.' Gulf has been scaling up its investments in digital infrastructure. Last June, it partnered with Alphabet's Google to build artificial intelligence-powered cloud facilities in Thailand. Gulf Binance, a partnership between Gulf Energy and billionaire Chanpeng Zhao's Binance, started a crypto currency exchange in Thailand last year. With a real-time net worth of $12.9 billion, Sarath is among the wealthiest in Thailand. Bulf of his fortunes comes from his stake in Gulf, which has a market capitalization of about $22 billion.
Business Times
19-05-2025
- Business
- Business Times
Richest Thai man raises top bank's stake to be No 3 shareholder
[BANGKOK] Gulf Development, controlled by Thailand's richest man Sarath Ratanavadi, has raised its stake in Kasikornbank to about US$610 million, making it the commercial lender's third-largest shareholder. Gulf increased its holding of Kasikornbank by 0.53 per cent from the previous disclosure to 5.23 per cent, according to a Securities and Exchange Commission statement dated May 16. The power producer and telecommunication company had ranked fourth with a 3.49 per cent stake as at Apr 18 when the lender published its top shareholder list. Sarath's Gulf last month completed the merger with Intouch Holdings, the top shareholder in Thailand's second-biggest telecom company Advanced Info Service. The company has a market capitalisation of about US$22 billion. Kasikornbank's share purchase by Gulf is part of its 'normal investment', aimed at generating higher capital gains and dividend, Gulf chief financial officer Yupapin Wangviwat told an investor meeting last week. Gulf has no plan for any close business operation with the bank in the near future, she said. Sarath built Gulf into Thailand's largest power producer and gained control of Intouch by gradually accumulating a 47 per cent stake. Sarath last week met with US President Donald Trump in Qatar, making him the only representative of a Thai business to do so, according to a Bangkok Post report. Sarath has a net worth of about US$12.9 billion, according to data compiled by Bloomberg. Kasikornbank is Thailand's second-biggest lender with total assets of 4.4 trillion baht (S$172 billion). Its shares are up about 5.5 per cent this year, bucking a 15 per cent slump in the broader Thai stock benchmark. Gulf and its partners are among the group which have bid for the Bank of Thailand's new virtual banking licenses. BLOOMBERG
Bloomberg
19-05-2025
- Business
- Bloomberg
Richest Thai Man Raises Top Bank's Stake to Be No. 3 Shareholder
Gulf Development Pcl, controlled by Thailand's richest man Sarath Ratanavadi, has raised its stake in Kasikornbank Pcl to about $610 million, making it the commercial lender's third-largest shareholder. Gulf increased its holding of Kasikornbank by 0.53% from the previous disclosure to 5.23%, according to a Securities and Exchange Commission statement dated May 16. The power producer and telecommunication company had ranked fourth with a 3.49% stake as of April 18 when the lender published its top shareholder list.
