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Malawian multimillionaire banker Hitesh Anadkat and related entities will pocket $698,340 in dividends from his stake in the Mauritius-based FMB Capital Holdings (FMBCH).
FMBCH is a financial services holding based in Port Louis, Mauritius. Founded in 1995 by Hitesh Anadkat, the company is Malawi’s first private bank.
Since 1995, it has steadily evolved into today’s FMBCH, with more than 800,000 clients and 1,500 employees, spanning multiple African countries and hundreds of branches.
FMBCH’s market capitalization on the Malawi Stock Exchange as of the opening of the market this morning, June 23, was $145.83 million (MK115.54 billion).
The company recorded solid results in 2020 despite disruptions caused by the COVID-19 pandemic, which negatively impacted its operating environment.
In 2020, FMCBH posted profits after tax of $21.3 million, which represents a significant improvement compared to the previous year’s losses of $18.6 million.
This robust financial performance for 2020, coupled with the expectation of a better performance this year, made the FMCBH board of directors declare a final dividend of $1.97 million in profits for the year ending Dec. 31, 2020.
The dividend, which represents a payment of $0.0008 per share to shareholders, will be paid on July 23 to those whose names appear on the registry of members as of July 16.
Anadkat is a substantial shareholder in the financial services company. He holds a total stake of 35.51 percent, both directly and indirectly, in FMB Capital Holdings.
His position in the group, which amounts to 872,924,575 ordinary shares, qualifies him to earn a dividend of $698,340 from the bank’s 2020 profits.
