Richest Thai Man Raises Top Bank’s Stake to Be No. 3 Shareholder

Gulf Development Pcl, controlled by Thailand’s richest man Sarath Ratanavadi, has raised its stake in Kasikornbank Pcl to about $610 million, making it the commercial lender’s third-largest shareholder.

Gulf increased its holding of Kasikornbank by 0.53% from the previous disclosure to 5.23%, according to a Securities and Exchange Commission statement dated May 16. The power producer and telecommunication company had ranked fourth with a 3.49% stake as of April 18 when the lender published its top shareholder list.