In 2001, the Thai government of Thaksin Shinawatra sold off a 30 per cent stake in PTT, the state energy group, for $725m (£354m, €493m) in what was supposed to be the beginning of a wave of privatisations to buoy the local stock market.

On Thursday, that PTT stake has increased in value almost 10 times – from Bt35 per share to Bt358 – and the company, now valued at about $34bn, accounts for almost 15 per cent of the Thai stock market’s total capitalisation.