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Malawian banking mogul Hitesh Anadkat has recorded impressive gains in his stake in FMB Capital Holdings in the past 45 days thanks to s surge in the value of his shareholding.
Anadkat is the founder of FMB Capital Holdings and holds a substantial 35.51-percent equity position in the company.
Research conducted by Billionaires.Africa revealed that his stake amounting to 872,924,575 shares has risen by MWK13.14 billion ($16.07 million) in the past 45 days, taking the value of his stake above the $85-million mark.
FMB Capital Holdings Plc is the Mauritius-based investment holding of FMB Capital Group, which maintains banking and finance operations in Botswana, Malawi, Mozambique, Zambia and Zimbabwe.
As of press time, Jan. 15, shares in the investment holding were trading at MWK79.98 ($0.2484), relatively stable from their opening price on the Malawi Stock Exchange at the start of the year.
Since Dec. 1, 2021, shares in the group have increased from a price of MWK64.93 ($0.0795) to MWK79.98 ($0.2484) at the time of writing. This led to a 23.3-percent gain for shareholders in the past 45 days.
As a result, the market value of Anadkat’s stake has increased from MWK56.68 billion ($69.35 million) on Dec. 1, 2021 to MWK69.82 billion ($85.43 million) on Jan. 15.
This translates to a MWK13.14-billion ($16.07 million) gain for the multimillionaire in the past 45 days.
The recent surge in the company’s share price and the value of his stake can be linked to investor reactions to a recent trading update on its financial performance for 2021, which is in compliance with the listings requirements of the Malawi Stock Exchange.
The group noted that its profit after tax for the year ending Dec. 31, 2021 will be at least 40-percent higher than its figures posted at the end of the previous financial year, on Dec. 31, 2020.
