Latest news with #SarathRatanavadi
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.
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.
The Star
15-05-2025
- Business
- The Star
Thai tycoon Sarath meets Trump, eyes stronger US ties
BANGKOK: Sarath Ratanavadi, CEO of Gulf Energy Development Public Company Limited, was the only Thai business leader invited to a high-level dinner reception hosted in honour of US President Donald Trump in Qatar on Wednesday (May 14). The event, held at Lusail Palace, was part of Trump's official Middle East visit, with Qatar being the second stop on his tour. The reception was hosted by Qatari Emir Sheikh Tamim Hamad Al-Thani and attended by members of the royal family, the Qatari Prime Minister, and cabinet ministers. It also welcomed prominent US officials and business leaders, including Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, Defence Secretary Pete Hegseth, Energy Secretary Chris Wright, and entrepreneur Elon Musk. Executives and investors from across Asia, including India and Thailand, also took part. Sarath Ratanavadi was notably the sole Thai invitee at the event. Speaking after the reception, Sarath stated, 'I had the opportunity to engage directly with President Trump and several US cabinet members. The discussions reflected a positive tone regarding US-Thailand relations, particularly in the area of investment. The US expressed openness to increased Thai investment, especially in the energy sector, where Gulf already has ongoing operations.' The meeting highlighted growing interest in strengthening US-Asia investment ties, particularly in the context of shifting global energy dynamics and economic diversification strategies. - The Nation/ANN
Reuters
25-03-2025
- Business
- Reuters
Thailand's Intouch shareholders approve energy, telecom merger with Gulf Energy
March 25 (Reuters) - Thailand-based telecom operator Intouch Holdings' ( opens new tab shareholders approved a merger on Tuesday with billionaire Sarath Ratanavadi's power company Gulf Energy ( opens new tab, clearing the way for a near $25 billion merger to go through. Gulf Energy is currently valued at $17.25 billion, while its telecom affiliate Intouch has a market capitalisation of $7.72 billion, according to data compiled by LSEG. The move comes after investors in Gulf had approved the combination back in October 2024. A filing by Intouch on Tuesday showed that more than 99% of its stockholders had voted in favour of approving the registered capital of the newly formed entity. In July 2024, power producer Gulf, the largest shareholder of Thaicom ( opens new tab, and Intouch, which controls Advanced Info ( opens new tab, announced their intent to merge to create a new company for maximizing benefits for both the firms and improving operations and investments. The boards of both Advanced and Thaicom had asked their investors to reject the tenders offers under their merger in January. Gulf owns about a 47.4% stake in Intouch, followed by Singapore Telecommunication ( opens new tab (Singtel) which has an interest of around 25%. Advanced, Thaicom and Singtel did not immediately respond to a Reuters request for comment.
