Thailand’s Richest Man’s Net Worth Soars to Over $16 Billion as He Surges Ahead with Energy-Telecom Merger

Sarath Ratanavadi has solidified his position as Thailand’s wealthiest individual, driven by the anticipated completion of the merger between his energy and telecom companies. His net worth has soared to over $16 billion, reflecting an increase of approximately $7 billion in just three months. This significant rise followed a 52% surge in the shares of Gulf Energy Development, Thailand’s largest power producer, pushing Sarath into the top five wealthiest figures in Asia’s energy and power sector—alongside notable names like Mukesh Ambani and Gautam Adani of India.

The planned merger of Gulf Energy and Intouch Holdings, which controls Thailand’s second-largest telecom operator, has garnered strong support from investors. The overwhelming approval from shareholders, coupled with a subsequent rise in equity values, reflects investor confidence in Sarath’s leadership. Over the years, he has expanded his domestic empire by acquiring power plants in Europe and the U.S. and branching out into sectors such as deep-sea ports, cryptocurrency, and data centers.

Jitra Amornthum, an analyst at Finansia Syrus Securities, observed that some investors view Gulf Energy as a company with revitalized growth potential, benefiting from both robust cash flows and promising new ventures. However, she cautioned that the recent surge in the stock price might reflect overly optimistic expectations.

In July, Sarath surpassed beverage and property magnate Charoen Sirivadhanabhakdi, whose net worth is $13.4 billion, to become the richest person in Thailand. The proposed merger between Gulf Energy and Intouch was announced on July 16, further boosting investor enthusiasm.

The utility company Sarath founded, where he holds a nearly 75% stake, has become the second-best performing energy firm globally over the past three months among companies valued at over $1 billion. The combined market value of Gulf Energy and Intouch is projected to reach 1.1 trillion baht ($43.1 billion) once the merger is finalized in early 2025. This would position the merged entity as Thailand’s second-largest company, behind only Delta Electronics (Thailand), surpassing state-owned energy giant PTT and Airports of Thailand.

Both Gulf Energy and Intouch shares hit record highs after Sarath advanced stock-buying offers from dissenting shareholders to speed up the merger process. Although he had initially resisted buying out minority shareholders opposed to the merger, overwhelming support from shareholders of both companies last week cleared a key hurdle for the merger to move forward.

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