Gulf Energy Development (Gulf) chief executive Sarath Ratanavadi has been rated the richest Thai shareholder with company shares worth 121 billion baht, a doubling of value in the past year.
The latest survey by Money & Banking Magazine and the faculty of commerce and accountancy of Chulalongkorn University reported Mr Sarath held shares only in Gulf, a holding company with a portfolio of electricity, steam, chilled water generation and related businesses.
The 120.96-billion-baht Gulf shares value was as of Sept 30, when he was the biggest shareholder in the company with a 35.44% stake. The value was up by 109.84% baht on Sept 30 last year, when the Gulf share price was at 76.25 baht, compared with 160 baht on Sept 30 this year. Its initial public offering price was 45 baht in December 2017.
Last year Mr Sarath was the second richest Thai shareholder. This year he swapped positions with Prasert Prasarttong-Osoth, major shareholder of Bangkok Airways, Bangkok Dusit Medical Services and Nonthavej Hospital.
The shares wealth of Dr Prasert, who had been the richest shareholder for six previous years, dropped by 14.29% in the past year.
On third position was Niti Osathanugrah of Osotsapa Plc, a beverage and personal care enterprise, with 48.61 billion baht worth of shares, up by 52.08%. Last year Mr Niti was in seventh place. He was the second biggest shareholder, with a 16.28% stake, in Osotspa, which began trading on the Stock Exchange of Thailand in October last year.