Sarath Ratanavadi, chief executive of Gulf Energy Development Plc, one of the country’s largest power producers, is the richest shareholder in the Thai capital market for the fifth consecutive year, with stocks worth 190 billion baht.
The annual survey conducted by Money & Banking magazine and the faculty of commerce and accountancy at Chulalongkorn University ranks the country’s 10 richest shareholders based on the market value of their shares in listed companies as of Sept 30 this year.
The Stock Exchange of Thailand has been one of Asia’s worst performers in 2023, having declined by 17.6% since the start of the year. Consequently, the survey showed the share wealth of seven of the top 10 people on the list declined from a year ago.
Mr Sarath’s holding in SET-listed Gulf was valued at 190.8 billion baht, down by 28.15 billion baht, or 12.9%, from a year earlier.
Though his wealth dropped this year, Mr Sarath has now retained the top spot for five consecutive years. His shares have been worth at least 100 billion baht in each of those years.
Mr Sarath is ranked fifth on the 2023 Forbes magazine list of Thailand’s 50 wealthiest people, with a net worth estimated at $10.3 billion (366 billion baht).
Second on the list of top shareholders was Niti Osathanugrah of the beverage and consumer products group Osotsapa Plc, with stocks worth 61.79 billion baht, up by 3.66 billion, or 6.3% from 2022.
The third richest shareholder was Dr Prasert Prasarttong-Osoth with stocks worth 57 billion baht, down by 5.73 billion baht, or 9.1%. His wealth is derived from his holdings in Bangkok Dusit Medical Services Plc (BDMS), which operates the Bangkok Hospital chain, and Bangkok Airways.
In fourth place was Panicha Dau, the biggest shareholder of the construction company PSG Corporation Plc, with shareholdings worth 41.6 billion baht, down by 40 billion baht, or 49%.
The fifth richest shareholder was Poramaporn Prasarttong-Osoth, the chief executive of BDMS and daughter of Dr Prasert. Her shareholdings were worth 26.63 billion baht, down by 8.36 billion baht, or 23.9%.