Thailand’s Richest Man Becomes Top Shareholder in Kasikornbank

Gulf Development Pcl, controlled by Thailand’s richest man Sarath Ratanavadi, has doubled its stake in Kasikornbank Pcl to become the commercial lender’s largest shareholder.

Gulf increased its holding of Kasikornbank by 116 million shares to about 10% from 5% in its previous filing in October, according to a Securities and Exchange Commission statement Friday. The power producer and telecommunication company had ranked fourth with a 4.53% stake as of Sept. 11, when the lender published its top shareholder list.