Thai billionaire Sarath Ratanavadi has increased his stake in Gulf Development as partner Singtel sold S$1 billion ($771 million) shares in the Bangkok-based energy and telecommunications company.

Singtel said it sold a 2.8% stake in Gulf Development to institutional investors through a private placement, generating exceptional gains of about S$140 million, as the Singaporean telecom giant seeks to cash in and reallocate capital to fund growth and shareholder dividends. After the transaction, Singtel will retain a 4.95% stake in Gulf Development, valued at around S$1.8 billion, according to a statement released by Singtel on........

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