Thailand’s Billionaire Sarath Ratanavadi Boosts Gulf Development Stake as Singtel Trims Holding

published 23 d ago · en · source ↗

Affected tickers

Per-ticker News Sentiment Indicator

GULFm_and_a · positive · med
CEO Sarath Ratanavadi increased his stake in GULF through a significant purchase, signaling internal confidence despite Singtel's divestment of a 2.8% stake.
INTUCHm_and_a · neutral · med
The article discusses Singtel's divestment from Gulf Development, which originated from the previous amalgamation of Intouch Holdings and Gulf, but does not directly impact INTUCH's current operations.
MAJORother · neutral · high
The article focuses exclusively on shareholding changes in GULF and does not mention MAJOR or any factors impacting the cinema industry.
ORother · neutral · high
The article discusses shareholding changes in GULF and does not contain any material information regarding OR.
SINGTELm_and_a · positive · med
Singtel secured SG$1 billion through the disposal of a 2.8% stake in Gulf Development as part of its strategic asset recycling program to drive growth.

Article body

Mr. Sarath Ratanavadi, the Chief Executive Officer of Gulf Development Public Company Limited (SET: GULF), has increased his stake in the company through a multi-billion baht transaction, according to recent filings with the Securities and Exchange Commission (SEC). The acquisition was carried out via Gulf Holdings (Thailand) Co., Ltd., a major shareholder holding more than 30% of total voting rights. On June 23, 2026, the entity purchased 33.5 million shares at an average price of THB 59.00 per share, representing a total investment of approximately 1,976.50 million baht. The transaction was executed as a “Big Lot” trade on the Stock Exchange of Thailand through UBS Securities (Thailand). Following this move, Gulf Holdings (Thailand)’s ownership in GULF has risen to 620,508,207 shares, or 4.15% of the total paid-up shares. This internal consolidation comes as Singtel, the Singapore-based telecommunications giant, announced it has secured SG$1 billion through the disposal of a 2.8% stake in Gulf Development. Singtel stated that this disposal is a strategic component of the company’s asset recycling program, which is aimed at driving growth and sustainable shareholder returns. The stake sale was conducted via a private placement to institutional investors and is expected to result in net gains of approximately SG$140 million in equity for Singtel. The telecom provider originally obtained a 7.7% stake in the energy firm in 2025 following the amalgamation of Intouch Holdings and Gulf, a merger that created the current Gulf Development entity. Despite the divestment, Singtel remains a significant investor in the Thai energy company. Following the transaction, Singtel retains a 4.95% stake in Gulf Development, a holding valued at roughly S$1.8 billion. On the day these transactions were reported, GULF shares closed at THB 60.50, down 1.22%, with a total trading value of 39,351.63 million baht.