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Sarath’s bid for InTouch draws skeptics published : 21 Apr 2021 at 16:59 1 Gulf Energy Development chief executive officer Sarath Ratanavadi plans a buyout of Intuoch Holdings Plc, which controls AIS. (Photo: Gulf Energy Development) Sarath Ratanavadi, Thailand’s second-richest man, is trying to diversify his empire with a bold bet on digital technology that may cost as much as 53 billion baht. He’ll have to do more to convince skeptics that the math adds up. While shares of Mr Sarath’s Gulf Energy Development Plc (Gulf) have climbed 7.6% since the company proposed buying control of Thailand’s biggest wireless operator and its parent on Monday, some analysts and investors are worried the cost of added debt won’t be worth the payoff. The acquisitions would combine a group spanning power plants, ports and toll roads with telecom companies that specialisze in digital services.

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