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The chief executive of Thailand’s leading private energy company has resigned from the board of Intouch Holdings Plc (INTUCH), the parent of the nation’s largest mobile carrier Advanced Info Service (AIS).
Sarath Ratanavadi, the chief executive of Gulf Development Plc (GULF), stepped down from the board’s vice chairman effective on May 11, the telecom holding company said in a press release sent out late Thursday. Sarath’s Gulf energy own a majority stake in AIS.
The board then appointed Boonchai Thirati, Gulf’s deputy chief executive, in place of Sarath.
Gulf’s chief financial Yupapin Wangviwat also left the board as a director and was replaced by another Gulf’s member, Suporn Luckmunkong, who is the company’s chief public affairs officer.
In August 2021, Gulf purchased a 23-per-cent stake in Intouch for roughly 50 billion baht, securing the largest shareholder spot with 42.2 per cent of holding. This move positioned Gulf ahead of Singapore’s Singtel, which holds 21 per cent of InTouch.
The company recently announced further share purchases to hold a total of 44 per cent in Intouch for 574 million baht.
As of the morning session, INTUCH traded at 71.25 baht, down 0.35 per cent from tis prior closing, while GULF fell 1.08 per cent to 45.75 baht.