Thai Billionaire Boosts Gulf Investment as Singtel Sells
Thai billionaire Sarath Ratanavadi increased his stake in Gulf Development by purchasing additional shares, bringing his ownership to approximately 60%. Singtel sold a 2.8% stake in Gulf Development for S$140 million and now holds around 4.95% of the company. Gulf Development is a major privately held power producer in Thailand, and Sarath continues to expand his investments in the sector.
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