<div id="readability-page-1"><div><figure> 
 <img src="https://imageproxy.pbkrs.com/https://specials-images.forbesimg.com/imageserve/607d5fbdd426b69e0a70030c/960x0.jpg/query-Zml0PXNjYWxl?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Sarath Ratanavadi" original-src="https://imageproxy.pbkrs.com/https://specials-images.forbesimg.com/imageserve/607d5fbdd426b69e0a70030c/960x0.jpg/query-Zml0PXNjYWxl"/> 
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 Sarath Ratanavadi 
 
 PHOTO BY COURTESY OF SARATH RATANAVADI 
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Gulf Energy Development has mounted a bid to buy out Singtel and other shareholders of Intouch Holdings, the controlling shareholder of Thailand’s largest mobile phone operator, for as much as 169 billion baht ($5.4 billion) as the Thai energy giant seeks to further diversify its business. 
 
Gulf Energy, which is owned by Thailand’s third richest man Sarath Ratanavadi, is offering to buy 2.6 billion shares, or about 81%, of Intouch for 65 baht a share, according to an exchange filing. Should Gulf Energy receive at least 50% acceptance, Gulf Energy will also make an offer to buy all of Advanced Info Service, the country’s No. 1 mobile operator, for 122.86 baht a share, it added. 
Sarath, 55, is the biggest gainer last year among Thai tycoons when Forbes last published the annual list of Thailand’s 50 Richest in April 2020. Despite crashing oil prices, Sarath boosted his wealth as his company launched more gas-fired power plants and diversified into new business such as ports and toll roads. 
 
Buying Intouch will provide Sarath’s company even more diversified sources of revenue as the mobile phone operator expands its 5G coverage. AIS launched 5G services across major cities in Thailand in the fourth quarter of 2020, while diversifying into fixed-broadband services. 
 
Commenting on the Gulf Energy’s offer, Singtel said it will review its strategic options to ensure that InTouch and AIS shareholders get the full benefit of the intrinsic value of the businesses. The Singaporean company is the biggest shareholder in Intouch with a 21% stake. It also holds a 23% stake in AIS. 
 
“We believe in the long-term outlook of the businesses,” Singtel said in a statement to the Singapore Exchange. Singtel added that it considers the shares it holds in AIS and InTouch as strategic investments. 
 
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Gulf Energy Development has mounted a bid to buy out Singtel and other shareholders of Intouch Holdings, the controlling shareholder of Thailand’s largest mobile phone operator.

泰國能源大亨出價 5.4 億美元收購新加坡電信在泰國第一大電話公司的股份