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.
