Sarath Ratanavadi, the founder and chief executive of Gulf Energy Development Plc, one of Thailand’s largest power producers, is the richest shareholder in the Thai capital market with wealth of 240 billion baht, a survey has found.
He has held the title for six consecutive years in he annual survey conducted by Money & Banking magazine and the commerce and accountancy faculty of Chulalongkorn University.
Mr Sarath is currently ranked fifth on the Forbes magazine list of Thailand’s richest people, with a net worth estimated at $16 billion.
Niti Osathanugrah of the beverage and consumer goods company Osotspa ranked second in the survey with a total stock portfolio worth 59 billion baht.
Dr Prasert Prasarttong-Osoth, a major shareholder in Bangkok Airways and Bangkok Hospital, ranked third at 50 billion baht.
The survey used the closing figures for the Stock Exchange of Thailand and the Market for Alternative Investment on Sept 30, 2024 as a reference point for calculating wealth.
The shares Mr Sarath held this year have a total value of 240 billion baht, an increase of 49 billion or 26% from a year earlier. His holdings include shares in Gulf (35.81%), I-Tel Corporation Plc, the pet food subsidiary of Thai Union Plc (0.67%), and Rocktech Global Plc, a subsidiary of BTS Group that provides complete system services (4.89%).
Mr Sarath’s wealth, which decreased last year, has risen in value this year. It is now the highest since he first moved into top spot on the list in in 2019, and the highest overall since 1994.
Throughout the six years he has been the richest shareholder, the value of stocks held by Mr Sarath has been at least 100 billion baht every year.
In 2019, the first year he became the top stockholder, Mr Sarath had total holdings worth 120 billion baht. The shares decreased in value to 115 billion baht in 2020 before increasing to 173 billion in 2021 and 218 billion in 2022, and decreasing again to 190 billion last year.
Mr Niti, a major investor and heir to the Osotspa empire, held shares worth 59 billion baht, down 2 billion baht or 3.75%.
Dr Prasert holds shares in Bangkok Dusit Medical Services Plc (9.39%), the Bangkok Hospital operator; and Bangkok Airways Plc (11.38%) for a total of 51 billion baht, down 6 billion baht or 11.1%.
Mr Sarath took Gulf public in 2017, raising 24 billion baht in the country’s biggest initial public offering in a decade. The energy company has since diversified through a major investment in InTouch Holdings and its cellular unit Advanced Info Service (AIS).
A joint venture involving Gulf, Singtel and AIS to set up data centres in Thailand is expected to start operations in 2025.
Gulf also formed a joint venture with the global market leader Binance to launch a cryptocurrency exchange in Thailand earlier this year.