Thailand’s Richest Man Picks Bad Day to Debut Flagship Firm
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Thailand’s richest man may have picked a bad day for his newly forged flagship company, Gulf Development Pcl, to begin trading.
The company, created by merging billionaire Sarath Ratanavadi’s Gulf Energy Development Pcl and telecoms firm Intouch Holdings Pcl, opened with a market value of 736 billion baht ($21 billion) on Thursday. That’s 13% below the combined tally of the two companies before they delisted last month. The stock was unchanged from its opening price of 49.25 baht as of 12:29 p.m. in Bangkok.