Home » Malawian businessman Hitesh Anadkat gains $3.9 million in four months as Telekom Networks shares soar

Malawian businessman Hitesh Anadkat gains $3.9 million in four months as Telekom Networks shares soar

by Omokolade Ajayi

Malawian multimillionaire tycoon Hitesh Anadkat has gained MWK3.3 billion ($4.1 million) in the past four months.

The increase in his net worth came off the back of a surge in the share price of Telekom Networks Malawi (TNM), a company in which Anadkat has a significant position, as investors sustained buying interest in the telecom company.

TNM is the pioneer telecommunications company in Malawi. It was established in 1995 as a joint venture between Telekom Malaysia Berhad and the then-state-owned Malawi Postal and Telecommunications Corporations.

The telecom company currently operates as a subsidiary of Press Corporation Limited, the largest business conglomerate in Malawi, following Telekom Malaysia selling off a 60-percent stake in 2007 to MTL Mobile, an investment vehicle created by Press Corporation.

Anadkat owns 435,000,000 shares in the Malawi-based telecom company.

Shares in the telecom company have risen as of late as investors price in its impressive financial results into its valuation, leading to substantial gains for the multimillionaire.

As of press time, Dec. 28, shares in the leading telecom company were trading at MWK22.92 ($0.0283), unchanged from their opening price on the exchange this morning, as bullish and bearish pressures were evenly balanced out.

Since Aug. 30, the company’s share price has risen from MWK15.5 ($0.01911) to MWK22.92 ($0.0283) as of press time today. This led to a 48-percent gain for shareholders in four months.

Meanwhile, the market value of Anadkat’s stake has grown from MWK6.74 billion ($8.31 million) to MWK$9.97 billion ($12.29 million) between Aug. 30 to Dec. 28. This translates to a gain of MWK3.3 billion ($4.1 million) for the multimillionaire over that period.

In addition to the recent gains from his stake, the multimillionaire, who earned an interim dividend of MWK78.3 million ($96,520) from his stake in TNM, is on course to pocket another interim dividend worth about MWK65.25 million ($80,430).

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