Gulf Development Plc, controlled by billionaire Sarath Ratanavadi, has doubled its stake in Kasikornbank Plc to become the Thai commercial lender’s largest shareholder. The power producer and telecommunications conglomerate had ranked fourth with a 4.53% stake as of Sept 11, when Kbank last updated its major shareholders’ list. The total stake is worth around 46 billion baht ($1.5 billion). Mr Sarath, who has built Gulf into Thailand’s largest power producer, gained control of Intouch by gradually accumulating a 47% stake. Gulf shares have jumped 42% this year.

Source: Bangkok Post February 14, 2026 04:38 UTC