Malawian businessman and banker Hitesh Anadkat has seen a multimillion-dollar bump in his net worth since the start of the year, thanks to a surge in the shares of his company, FMB Capital Holdings (FMB Capital).
So far this year, Anadkat’s stake in the investment holding company has risen by $44.3 million, taking his net worth above the $200-million threshold, and making him one of Malawi’s top 10 wealthiest businessmen.
FMB Capital Group, headquartered in Port Louis, Mauritius, operates in several African countries, including Botswana, Malawi, Mozambique, Zambia, and Zimbabwe. The group has emerged as a key player in the region’s financial landscape in recent years.
Hitesh Anadkat founded the company in 1995 and holds a 35.51-percent stake in the Port Louis-based company, translating to 872,924,575 ordinary shares.
At the time of writing, FMB Capital shares were trading at MWK163 ($0.159) per share, giving the group a market capitalization of MWK401 billion ($390.5 million).
FMB Capital ranks as the fifth most valuable stock on the Malawi Stock Exchange, accounting for 8.43 percent of the total market capitalization of the local bourse.
Since the beginning of the year, the company’s share price has increased by 47 percent from MWK110.86 ($0.108) on Jan. 1 to MWK163 ($$0.159) on May 5.
The year-to-date 47-percent surge in the company’s share price has returned millions of dollars in gains to the company’s shareholders, including Anadkat.
According to data tracked by Billionaires.Africa, Anadkat’s 35.5-percent stake in FMB Capital has increased from MWK96.77 billion ($94.17 million) at the start of 2023 to MWK142.29 billion ($138.4 million) at the time of drafting this report.
Anadkat’s latest wealth gains in growing his net worth further cement his position as one of Malawi’s top 10 richest businessmen.
He looks set to overtake prominent figures such as Thom Mpinganjira, Simbi Phiri, and Shepherd Bushiri to become the country’s richest man.
