Hitesh Anadkat, one of Malawi’s richest men, loses $22 million in 21 days

Hitesh Anadkat, one of Malawi’s wealthiest individuals, is grappling again with another substantial setback as the market value of his stake in Mauritius-based investment holding company FMB Capital Holdings slumped by $22.65 million.

Data tracked by Billionaires.Africa reveals that Anadkat’s stake in FMB Capital has decreased by MWK26.19 billion ($22.65million) in 21 days, driven by the recent pullback in the group’s share price on the Malawi Stock Exchange.

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.

Since Oct. 6, exactly 21 days ago, the share price of FMB Capital on the Malawi Stock Exchange has faced a decline of 9.09 percent, sliding from MWK330 ($0.285) on Oct. 6 to MWK300 ($0.259) at the time of writing.

As a result of the recent downturn, the market value of Anadkat’s stake in FMB Capital has declined by MWK26.19 billion ($22.65 million), falling from MWK288.07 billion ($249.13 million) on Oct. 6 to MWK261.88 billion ($226.45 million) at the time of writing.