BANGKOK: Sarath Ratanavadi has overseen the Thai billionaire list to become the second richest man in the country, as its Gulf Energy Development Pcl surpasses most of the world's energy companies.
Sarath's net value has risen to $ 6.3 billion after the 28-percent stake in Gulf Energy in the past three months, the Bloomberg Billionaires Index states. The service program – which was founded and controlled by Bangkoka – was the second best performer in this period of 100 companies in the Bloomberg World Electric Index.
Sarath, 54, diversified its empire from existing or planned power plants in Thailand, Vietnam and Oman in deep-sea ports, with the aim of exploiting the infrastructure needs of Southeast Asia. New units for liquefied natural gas and containers will support Gulf Energy's earnings from energy operations, he said.
"My main focus is stable and healthy growth over the long run rather than short-term price movements," Sarath said at a press conference Wednesday. "We are constantly looking for projects that will complement our existing energy business."
Sarath is among the elite in the energy and energy industry, and the third is in Asia behind Indian Mukesh Ambani and Gautama Adanija, the Bloomberg Billionaires Index.
However, the recent stock split has pushed its estimate into an "extremely expensive" level, according to Aberdeen Standard Investments.
"Most investors are too willing to forecast the Gulf," said Adithep Vanabriksha, chief investment officer from Aberdeen, Bangkoka. "It is an extremely difficult challenge for the company to achieve this exponential growth optimism."
Gulfa shares traded with more than 100 times the 12-month earnings, mostly among global peers, according to Bloomberg's data.
A Thailand-graduated student at the University of Southern California is behind only Charoen Sirivadhanabhakdi, whose wealth comes mainly from the beverage and property sector.