Sarath Ratanavadi
PHOTO BY COURTESY OF SARATH RATANAVADI
Gulf Energy Development has mounted a bid to buy out Singtel and other shareholders of Intouch Holdings, the controlling shareholder of Thailand’s largest mobile phone operator, for as much as 169 billion baht ($5.4 billion) as the Thai energy giant seeks to further diversify its business.
Gulf Energy, which is owned by Thailand’s third richest man Sarath Ratanavadi, is offering to buy 2.6 billion shares, or about 81%, of Intouch for 65 baht a share, according to an exchange filing. Should Gulf Energy receive at least 50% acceptance, Gulf Energy will also make an offer to buy all of Advanced Info Service, the country’s No. 1 mobile operator, for 122.86 baht a share, it added.
Sarath, 55, is the biggest gainer last year among Thai tycoons when Forbes last published the annual list of Thailand’s 50 Richest in April 2020. Despite crashing oil prices, Sarath boosted his wealth as…
