Hitesh Anadkat, a prominent figure among Malawi’s wealthiest individuals, has seen the market value of his stake in FMB Capital Holdings, a Mauritius-based investment holding company, surge above $245 million since the start of the year.
Data tracked by Billionaires.Africa reveals that Anadkat’s stake in FMB Capital Holdings has increased by MWK265.51 billion ($246.1 million) since the beginning of the year, reaffirming his status as one of Malawi’s most influential investors and positioning him as a leading contender for the title of Malawi’s richest person.
FMB Capital Holdings, headquartered in Port Louis, Mauritius, is an investment holding company with operations spanning several African nations, including Botswana, Malawi, Mozambique, Zambia, and Zimbabwe.
Founded by Anadkat in 1995, the group has emerged as a pivotal player in the financial landscape of the region. Anadkat presently holds an impressive 35.51-percent stake in FMB Capital, which translates to 872,924,575 ordinary shares.
The share price of FMB Capital Holdings on the Malawi Stock Exchange has witnessed a remarkable surge of 274.36 percent since the start of the year. It has soared from MWK 110.86 ($0.1027) on Jan. 1 to MWK 415.02 ($0.3846) at the time of writing.
This surge in FMB Capital’s shares has driven the market value of Anadkat’s stake from MWK96.77 billion ($89.69 million) at the beginning of the year to MWK362.28 billion ($335.76 million) at the time of writing, marking a substantial year-to-date gain.
Anadkat’s remarkable financial achievements in the current year, along with his significant contributions to the banking and entrepreneurship sectors, continue to underscore his prominent presence in Malawi’s financial landscape.
His success serves as a testament to his ability to identify opportunities and drive change in the continent’s financial services sector, primarily through FMB Capital Holdings, a group he founded nearly three decades ago, thereby solidifying his status as a key figure in Africa’s economic development.