Malawian banking magnate Hitesh Anadkat’s stake in FMB Capital Holdings, a Mauritius-based financial services business with operations in Malawi, is presently worth $86.6 million.
FMB Capital Holdings is the Mauritius-based investment holding company of FMB Capital Group, which has banking and finance operations in Botswana, Malawi, Mozambique, Zambia and Zimbabwe.
Anadkat, who founded the leading financial services firm in 1995, has a significant 35.51-percent stake in the Port Louis-based company, which equates to 872,924,575 ordinary shares.
The present market value of his equity position has been bolstered by a triple-digit increase in the company’s shares in 2021.
Investors flocked to the group’s shares at the end of 2021 in response to a trading update that revealed profit after tax for the fiscal year ending Dec. 31, 2021 will be at least 75-percent higher than the numbers announced at the conclusion of the previous fiscal year.
Anadkat’s share in FMB Capital Holdings rose from MWK19.2 billion ($23.9 million) at the start of 2021 to MWK69.8 billion ($86.6 million) at the end of the year, resulting in a $62.8-million gain.
In the past three months, FMB Capital Holdings has been the ninth most-traded stock on the Malawi Stock Exchange, with a total volume of 1.69 million shares exchanged in 26,803 deals valued at MWK 126 million ($156,340).
Shares in the Port Louis-based financial services group were trading at MWK79.95 ($0.0992) as of press time on Feb. 20, unchanged from the company’s opening price on the local market this year.
Aside from his investment in FMB Capital Holdings, Anadkat has a beneficial interest in Botswana-based microfinance corporation Letshego Holdings and the pioneer Malawian telecom operator, Telekom Networks Malawi Plc.
At the current market price, Anadkat’s stake in FMB Capital Holdings is worth MWK69.55 billion ($86.6 million), making him one of the wealthiest investors on the Malawi Stock Exchange.