Malawian multimillionaire banking magnate Hitesh Anadkat is set to receive BWP5.71 million ($498,000) in dividends from his stake in Botswana-based Letshego Holdings Limited.
Anadkat, the founder of Mauritius-based FMB Capital Holdings, owns a significant 2.76-percent stake in Letshego Holdings, a Botswana-based transnational financial services group with active pan-African operations in ten Sub-Saharan African markets, including Mozambique, Nigeria, Namibia, Kenya and Tanzania.
The $498,000 dividend from his 2.76-percent stake will be paid directly into his bank account on May 31 as part of the cash distribution approved by Letshego Holdings’ board of directors following a strong financial performance in 2021.
Letshego Holdings’ retained earnings of BWP4.42 billion ($385.3 million) accrued since the Botswana-based transnational financial services group began operations in 1998 will be used to pay the dividend.
The group reported a 16-percent increase in profit at the end of 2021, from BWP631 million ($54.3 million) in 2020 to BWP730 million ($62.8 million) at the end of 2021, demonstrating the group’s operational efficiency and solid cash position.
In terms of success across its core operational clusters, the management stated that 2021 was a milestone year for Letshego’s savings and deposit sector, which crossed the BWP1-billion ($86.1 million) barrier in portfolio value.
Group CEO Andrew Fening Okai said the group continued its history of good performance, with a double-digit increase in both earnings before and after tax.
“We are making exceptional progress in transforming Letshego into a future-fit organization that leverages digital, tech, and end-to-end automation to unlock significant value, not only for our customers, but also for our investors and shareholders,” he said.
The board of directors authorized a final dividend of BWP0.097 ($0.00846) per share as a result of the strong financial performance, bringing the total payout to shareholders to BWP208 million ($18.2 million).
Anadkat will receive BWP5.71 million ($498,000) in dividends from his stake in the group according to the board’s decision.
Aside from his stake in Letshego Holdings, Anadkat owns stakes in Malawi’s first telecommunications company, Telekom Networks Malawi, and the country’s first bank, FMB Capital Holdings Plc.
