Gulf Energy’s Sarath tops Thailand’s richest shareholders list again

Sarath Ratanavadi, chief executive of Gulf Energy Development, has topped Thailand’s richest stockholder for the sixth consecutive year, with a portfolio worth over 240 billion baht.

Sarath’s stockholding was valued at 240.34 billion baht as of September 30, increasing by 25.95% or 49.51 billion baht from last year, according to The Money & Banking Journal’s December edition.

Sarath, also vice chairman of Gulf’s board, holds a 35.81% stake in the company, which produces and sells electricity.

In addition to his majority stake in Gulf, Sarath also holds a 0.67% stake in the i-Tail Corporation (ITC) Plc, the pet food arm of Thai Union Group, and 4.89% in Roctec Global, an integrated system provider under BTS Group.

Sarath’s share value this year is the highest since the list of Thailand's richest shareholders was first introduced in 1994.

Niti Osathanugrah, of the Osotspa M-150 energy drink clan, secured second position with a shareholding worth 59.47 billion baht, down 3.75% or 2.31 billion baht from last year. Niti holds a stake in 10 major listed companies.

Prasert Prasarttong-Osoth, co-founder and owner of Bangkok Dusit Medical Services (BDMS) and Bangkok Airways, is third, with shares in Bangkok Airways and BDMS valued at 50.65 billion baht, down 11.12% or 6.33 billion baht from last year.

The fourth richest stockholder in Thailand for 2024 is Daonapa Phetamphai, co-owner of Muangthai Capital Plc (MTC), with a 33.96% stake in the company worth 35.64 billion baht, up 37.5% or 9.72 billion baht from last year.

Fifth is Chuchart Phetamphai, the other co-owner of MTC. He holds a 33.49% stake in the company and 3.12% in Xspring Capital Plc worth 35.44 billion baht, up 36.66% or 9.5 billion baht. 

The Money & Banking Journal also listed the top five richest families based on their shareholdings:

1. Ratanavadi
The Ratanavadis top the list for the sixth consecutive year, with shares worth 240.34 billion baht, up 25.95% or 49.51 billion baht.

2. Prasarttong-Osoth
Six members of the Prasarttong-Osoth family hold shares worth a combined 102.67 billion baht, up 6.05% or 5.85 billion baht.

3. Chirathivat
The Chirathivat clan, which controls Central Group, collectively owns shares worth 91.54 billion baht, up 74.08 billion baht or 424.38% from last year, after the inclusion of 45 members who hold a stake of over 0.5%.

4. Osathanugrah
12 members of the Osathanugrah family hold shares with a combined value of 75.64 billion baht, up by 2.92 million baht or 4.02%.

5. Phetamphai
The Phetamphai family holds shares worth 71.08 billion baht, up by 19.22 billion baht or 37.08%.