Sarath Ratanavadi, the founder of Gulf Energy Development Pcl, plans to invest $4.6 billion in power plants in Thailand and neighboring countries over the next four years.
The company’s $733 million IPO in November was the biggest out of Thailand in over a decade, and has turned Ratanavadi into the country’s newest billionaire, with a net worth of around $2.2 billion. In an interview with Bloomberg in Bangkok, he said the proceeds from the listing will fund some of the outlay, with the rest coming from loans.
“Gulf Energy will have stronger financial leverage for more expansion following the IPO, as new power plants require a large amount of money,” Ratanavadi said. “The company is looking at a number of opportunities in Thailand and neighboring countries.”
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