Hitesh Anadkat, who ranks as one of Malawi’s richest businessmen, has experienced a significant surge in the market value of his stake in FMB Capital Holdings, a Mauritius-based group, amassing nearly $168 million from his stake in the group since the start of the year.
According to data tracked by Billionaires.Africa the market value of Anadkat’s stake in FMB Capital Holdings has surged by MWK175.12 ($167.63 million) since the start of the year, reinforcing his position as one of the richest investors on the Malawi Stock Exchange and positioning him as a strong contender for the title of Malawi’s richest person.
Headquartered in Port Louis, Mauritius, FMB Capital Group is an investment holding company operating across several African nations, including Botswana, Malawi, Mozambique, Zambia, and Zimbabwe.
Founded by Anadkat in 1995, the group has emerged as a key player in the region’s financial landscape. Anadkat presently holds an impressive 35.51-percent stake in FMB Capital, which translates to 872,924,575 ordinary shares.
Since the start of the year, the share price of FMB Capital Holdings on the Malawi Stock Exchange has experienced a remarkable surge of 180.96 percent, soaring from MWK 110.86 ($0.1063) on Jan. 1 to MWK311.47 ($0.2986) at the time of writing.
This recent surge in the Mauritius-based group’s stake has translated to a remarkable increase in the market value of Anadkat’s stake in FMB Capital, which rose by nearly $170 million between Jan. 1 and Aug. 8, skyrocketing from MWK96.77 billion ($92.21 million) to MWK271.89 billion ($259.06 million).
With an impressive year-to-date bump of $167.63 million, Anadkat’s stake in FMB Capital Holdings has surged from MWK96.77 billion ($92.63 million) at the beginning of the year to MWK271.89 billion ($260.26 million) at the time of writing.
