Forbes Asia - May 2018

76 | FORBES ASIA MAY 2018

One of two newly minted billionaires on the list this year,

Prachak, 74, owes his debut to last year’s IPO of his $500

million (revenue) TOA Paint (Thailand), the country’s

biggest paint company. It has three plants in Thailand,

plus factories in Vietnam, Laos, Myanmar, Malaysia and

Cambodia. The listing—the first by any paint company

in Thailand—raised $360 million, which will be used to

ramp up regional expansion. New factories are being built

in Indonesia, Cambodia and Myanmar. In 1964, Prachak

expanded the family’s hardware business into paint

supplies, opening TOA’s first paint factory in 1972. The

tycoon, who is TOA’s chairman, long ago handed over

operations to his four children: sons Jatuphat, Vonnarat

and Nattavuth, and daughter Busatree Wanglee. Jatuphat

is CEO; the others serve as directors.

Shipping heiress, who helms the storied GP Group, which celebrates its 150th anniversary this

year, saw her family’s fortune cross $1 billion for the first time. Much of the gain was due to the

family’s 51% stake in listed pharma unit Mega Lifesciences, founded by her father, Kirit, in 1982.

Shares of the company, which is now the family’s biggest asset, were up more than 50% since

May 2017. Nishita says she’s planning to recruit Millennials in a big way “to shake things up” at the

group. Later this year she’s set to appear as a judge in the Thai version of Shark Tank. It’s her way,

she says, of “helping Thai brands get global recognition.”

PRACHAK TANGKARAVAKOON:

RICH COLORS

NISHITA SHAH FEDERBUSH: PHARMA BONANZA

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Thailand’s 50 Richest