Recent updates to the shareholder registry of Krungthai Bank Public Company Limited (SET: KTB) have revealed a significant change in its major shareholder structure. Sarath Ratanavadi, the Chief Executive Officer of Gulf Development Public Company Limited (SET: GULF), has officially disappeared from the list of the bank’s top ten shareholders as of the latest record date.
The Initial Investment: November 2025
Sarath Ratanavadi first appeared as a major shareholder of KTB following the record date on November 12, 2025. At that time, he held 130 million shares, representing a 0.93% stake in the bank. This investment immediately positioned him as the 8th largest shareholder.
Industry analysts estimated that the acquisition cost for this personal investment exceeded 3,500 million baht, based on an average share price of approximately 27 baht during that period. Notably, the shares were acquired just before the bank’s XD (Ex-Dividend) date on November 11, 2025, allowing Sarath to collect an interim dividend payment of approximately 55.90 million baht on November 27, 2025.
The Recent Exit: March 2026
According to the latest shareholder information updated on March 12, 2026, Sarath Ratanavadi is no longer listed among the major shareholders of KTB. This indicates that he has either entirely sold his 130-million-share stake or reduced his holding to a level that no longer qualifies for the top ten rankings.
Current KTB Shareholder Structure
As of the most recent closing of the shareholder registration book on March 12, 2026, the major shareholders of KTB are led by institutional and government-related funds. The top five positions are held by:
- Financial Institutions Development Fund: 7,696,248,833 shares (55.07%)
- Thai NVDR Company Limited: 1,214,935,831 shares (8.69%)
- Vayupak Fund One: 452,308,615 shares (3.24%)
- STATE STREET EUROPE LIMITED: 263,956,067 shares (1.89%)
- SOUTH EAST ASIA UK (TYPE C) NOMINEES LIMITED: 243,306,910 shares (1.74%)
Other notable holders in the top ten include BBHISL Nominees Limited, Citibank Nominees Singapore, Nortrust Nominees Limited, the Government Savings Bank (GSB), and The Bank of New York Mellon.
