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Thailand's top billionaire Sarath Ratanavadi has raised his ownership in Gulf Development after partner Singtel offloaded SGD1 billion (US$771 million) worth of shares in the Bangkok-based energy and telecommunications company. Sarath Ratanavadi, CEO of Gulf Development Singtel announced it divested a 2.8% stake in Gulf Development to institutional investors through a private placement, generating exceptional gains of approximately SGD140 million, as the Singaporean telecom g