Ratanavadi is known for owning Southeast Asia’s biggest network operator Singtel and Gulf Energy.
The deal will increase its reach in Ratanavadi’s native Thailand as AIS also takes a 19% stake in Jasmine Broadband Internet Infrastructure Fund according to Tee Seeumpornroj, the company’s CFO.
“This acquisition will enhance consumer access to broadband’s better quality of service by improving broadband inclusion in new areas targeting the upcountry and non-city areas,” he said.
“This aligns with our business direction to grow the broadband business and effectively develop the nation’s fibre infrastructure.”
The deal will boost the broadband market share of AIS as it looks to grow its subscribers in an increasingly competitive market.
True, the market leader has 4.6 million subscribers and is planning to merge with Telenor ASA, forcing AIS to act.
Ratanavanadi, who has a net worth of US$11.1 billion, took a controlling interest in AIS last year and has been delving into telecoms and digital businesses in more recent times.
Additionally, Ratanavanadi’s Gulf Energy recently formed a joint venture with Binance, the world’s largest cryptocurrency exchange.
The partnership was first announced in January and comes amid rising demand for digital assets in Asia.
