Thai Tycoon’s Green Push Sparks Cash Strain, Sinking Stock
- Shares of renewables firm Energy Absolute are down 54% in 2023
- Stock is year’s biggest laggard on MSCI Southeast Asia Index
Somphote Ahunai
Photographer: Andre Malerba/BloombergThis article is for subscribers only.
Energy Absolute Pcl Chief Executive Officer Somphote Ahunai’s aggressive expansion into electric vehicles and batteries has triggered concern about the renewable energy company’s debt burdens. That’s turned his stock into Southeast Asia’s worst performer.
Somphote, who owns about 40% of the Bangkok-based company, saw the value of his stake slump to about 67 billion baht ($1.8 billion) after the shares tumbled to their lowest level in almost three years on Thursday, according to data compiled by Bloomberg. The stock is down about 54% in 2023, capping the biggest drop among the 131 companies in the MSCI Southeast Asia Index.