Thai billionaire entrepreneur Sarath Ratanavadi plans to merge his energy and telecoms companies in a new firm, which will be worth around $20.5 billion. Ratanavadi, with a net worth of $10.8 billion as of July 17, owns Gulf Energy Development, one of Thailand’s largest power producers by installed capacity.
In case the planned merger receives all approvals, it will result in a new public limited company, which will assume all assets, liabilities, rights, duties, and responsibilities of Gulf Energy Development and InTouch. The merger is aimed at reducing the complexity of the shareholding structure and will help increase management efficiency and flexibility in business operations, Gulf Energy Development said.
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