"Money is floating in the air—it's up to whoever seizes it." [Tags: business, investment, opportunity]
This phrase may aptly describe the Gulf Group empire, whose main revenue comes from electricity infrastructure. It also has businesses in internet, telecommunications, satellite, and numerous digital ventures. Most recently, its top executive, Sarath Ratanavadi, has been reported to have acquired shares in the hotel and food sector, Minor International Public Company Limited (MINT).
Could this be an expansion of the Gulf Group's empire, extending broadly and deeply into every aspect of Thai life? Thairath Money has summarized all the key points here.
When speaking of the Gulf Group, one thinks of Sarath Ratanavadi, a billionaire who built his wealth from energy businesses. He is the founder, CEO, and major shareholder of GULF Public Company Limited (Gulf Energy Development). Recently, his private company, Gulf Holdings (Thailand) Limited, acquired 39,334,400 shares of MINT (equivalent to 0.69%), becoming the 16th largest shareholder.
MINT itself owns well-known hotel brands such as Anantara, Tivoli, Avani, among others, with a network spanning over 60 countries worldwide. Its food business includes numerous brands such as GAGA, Bonchon, Swensen’s, and Burger King (so extensive that it is preparing to spin off for an IPO). Additionally, it has a fashion lifestyle portfolio including brands like Anello and Charles & Keith.
Regarding MINT's growth, its Q1 2026 financial report shows operating revenue of 38,488 million baht, up 5% year-over-year (YoY). Core EBITDA stood at 8,525 million baht, growing 2% YoY, and net profit reached 145 million baht, an increase of 189% YoY. Despite the low season for hotels in Europe, the business still grew.
From this data, it is clear that MINT's business is very different from the energy sector. Therefore, many consider Sarath's purchase of MINT shares to be primarily an investment holding.
Thirthanat Jirasiriwatchara, Assistant Managing Director of Investment Analysis at Yuanta Securities (Thailand), believes Gulf Holdings may have acquired MINT shares more as an investment, similar to its previous investment in ITC (i-Tel Corporation) which was later sold. Meanwhile, GULF views itself as an infrastructure developer and continues to invest to expand energy and digital sectors comprehensively.
The investments and businesses of the Gulf Group can be broadly divided into four major sectors:
1) Energy, including natural gas power plants and renewable energy businesses.
2) Infrastructure and utilities, such as industrial ports.
3) Digital and telecommunications, covering data centers, mergers with INTUCH which brings AIS into its portfolio, and digital asset businesses like BINANCE TH BY GULF BINANCE.
4) Satellite businesses, such as THCOM.
GULF itself holds shares in several companies; notably, it has gradually acquired shares in Kasikornbank (KBANK), now the second-largest shareholder with 9.99% ownership. Although it has stated this was for investment purposes, in April 2026 GULF nominated two independent directors to the bank's board.
Additionally, GULF is involved in Thailand's Virtual Bank sector, expected to become clearer in 2026 through AIS's collaboration with Krungthai Bank (KTB) and PTT Oil and Retail Business (OR) to launch Clix Bank within this year.
Going forward, whatever products we use may likely involve GULF's participation. It remains to be seen which business opportunities Sarath Ratanavadi will pursue and which strategies he will employ for acquisitions or mergers.
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