GULF builds 39.3m-share stake in MINT as holding company strategy expands into tourism

GULF Development Public Company Limited, or GULF, has been reshaping its investment portfolio over the past three to five years, making it increasingly clear that its ambitions are no longer limited to the power-generation business.

The company is now moving towards becoming a “holding company” that owns strategic assets across several industries, including telecommunications, banking, digital businesses and, most recently, tourism and lifestyle.

According to Minor International Public Company Limited’s, or MINT’s, shareholder data as of May 6, 2026, “Gulf Holdings (Thailand) Co Ltd” appeared as the 16th-largest shareholder, holding 39.3 million shares, or 0.69% of total shares. The stake is worth around 834 million baht.

The shareholding has prompted the market to watch whether GULF may be positioning itself more firmly in the “global hospitality and lifestyle” business, after previously expanding its empire from energy into telecommunications, digital and banking.

MINT is one of the world’s major hotel and restaurant groups, with more than 500 hotels across over 50 countries under key brands including Anantara, Avani, Oaks, Tivoli and Elewana Collection, as well as European brands such as NH Hotels, NH Collection and nhow following its acquisition of NH Hotel Group.

MINT’s restaurant business, operated under Minor Food, has more than 2,500 outlets in nearly 30 countries. Its portfolio includes brands familiar to Thai consumers, such as The Pizza Company, Swensen’s, Sizzler, Dairy Queen, Burger King and Bonchon.

GULF has also steadily increased its investment weighting in Kasikornbank Public Company Limited, or KBANK, since 2025. Most recently, it became the bank’s largest shareholder, excluding Thai NVDR, with 236,805,000 shares, or 9.99% of total shares, worth around 46.4 billion baht, based on the latest book-closing data on April 22, 2026.

In addition, GULF has made strategic investments in several major companies, including Advanced Info Service Public Company Limited, or ADVANC, through the original shareholding structure of INTUCH, as well as investments in THCOM and businesses involving data centres, cloud and digital infrastructure.

These moves reflect GULF’s full transition from a “power producer” into a modern infrastructure investment group.

For investors, GULF’s stake in MINT remains small at just 0.69%, but it is still an interesting signal. It marks one of the first clear appearances of the GULF group in a global tourism stock, amid the recovery trend in world tourism and growing interest in businesses with revenue spread across several countries.

This could become another important “jigsaw piece” in GULF’s long-term portfolio, following energy, telecommunications and finance.