Thom Mpinganjira, one of Malawi’s most successful yet controversial businessmen and the founder of FDH Bank Plc, has witnessed a remarkable increase in the market value of his stake in the Blantyre-based lender since the start of the year.
According to data tracked by Billionaires.Africa, Mpinganjira’s stake in FDH Bank has increased by MWK145.01 billion ($125.27 million) since the start of the year, cementing his position as one of Malawi’s leading businessmen.
FDH Bank Plc, a leading financial services provider established by Mpinganjira, a figure both celebrated and scrutinized in the realm of Malawian business, is one of the commercial banks licensed by the Reserve Bank of Malawi. As of 2020, it boasted a network of 53 branches and 91 automated teller machines strategically positioned across all 27 districts of the country.
Since its inception in April 2002, FDH Bank, which operates under the umbrella of FDH Financial Holdings, a leading holding company with interests in banking, discount house operations, investment management, and advisory services, has steadily grown to become one of the most formidable and dependable players in the financial services landscape of the nation.
Through his sole shareholding in M Development, which owns a 55-percent stake in FDH Financial Holdings, the beneficial owner of FDH Bank Plc, Thom Mpinganjira owns a 40.7-percent indirect stake in the Blantyre-based lender.
His indirect stake, which amounts to 2,808,719,719 shares in the bank, solidifies his position as one of the wealthiest individuals, not just in Malawi, but across the entire Southern African region.
The share price of FDH Bank on the Malawi Stock Exchange has witnessed a remarkable surge of 294.24 percent since the start of the year. It has soared from MWK 17.37 ($0.0150) on Jan. 1 to MWK 69.00 ($0.0596) at the time of writing.
This surge in FDH Bank’s shares has caused the market value of Thom Mpinganjira’s stake to increase by MWK145.01 billion ($125.27 million), from MWK48.79 billion ($42.14 million) at the beginning of the year to MWK193.80 billion ($167.41 million) at the time of writing, marking a substantial year-to-date gain.
Thom Mpinganjira’s exceptional year-to-date financial growth cements his status as one of the wealthiest individuals not only in Malawi but also in the entire Southern African region, demonstrating his significant impact on the country’s financial landscape.