10 richest people on the Malawi Stock Exchange

Feyisayo Ajayi -

The Malawi Stock Exchange (MSE) has emerged as a beacon of financial prowess, signalling a turnaround that commands global attention. Since the start of 2023, the MSE’s All Share Index has experienced a surge of 83.38 percent, establishing the exchange as a formidable player and portraying a narrative of resilience and untapped potential.

Positioning itself among the top-performing African stock exchanges, the MSE has attracted the gaze of seasoned investors across the continent. Against the backdrop of a once-deemed illiquid market, the surge in its All Share Index has rekindled interest in Malawi’s economic fabric, yielding impressive value and returns. As of the drafting of this report, the market capitalization has skyrocketed to $5.77 billion.

Prominent figures benefiting significantly from the recent bullish trend on the MSE include Hitesh Anadkat, an Indian-Malawian financier and founder of FMB Capital Holdings, and Thom Mpinganjira, one of Malawi’s most successful yet controversial businessmen.

Billionaires.Africa presents its list of the wealthiest investors in the MSE. The analysis utilizes data from our provider, S&P Global Market Intelligence, and publicly available documents and disclosures.

The valuation of their shares is determined by the prices recorded at the close of trading on Nov. 10, with the valuations converted to U.S. dollars at prevailing exchange rates. It is important to note that Billionaires.Africa focuses on individual ownership rather than multi-generational family fortunes.

In cases where the breakdown of ownership among siblings or couples is unclear, we attribute the fortune to the most prominent and visible member of the family. Here are the 10 individuals currently holding the highest stock ownership positions on the MSE.

1. Hitesh Anadkat

  • Portfolio value on the MSE: $234.77 million
  • Holdings: FMB Capital Holdings
  • Indian-Malawian financier Hitesh Anadkat is the founder of FMB Capital Holdings, a Mauritius-based financial services holding company listed on the MSE. With banking and finance operations across several African nations, Anadkat’s 35.51-percent shareholding in the company, equivalent to 872,924,575 ordinary shares, is currently valued at $234.77 million.

2. Thom Mpinganjira

  • Portfolio value on the MSE: $172.17 million
  • Holdings: FDH Bank Plc
  • Thom Mpinganjira, a prominent but controversial businessman, founded FDH Bank Plc, a leading commercial bank on the MSE. His estimated 40.7-percent indirect stake in the bank, held through M Development Ltd., is valued at $172.17 million. Mpinganjira faced legal challenges in 2021 but remains one of Malawi’s wealthiest individuals.

3. Nathan Mpinganjira

  • Portfolio value on the MSE: $20.59 million
  • Holdings: FDH Bank Plc
  • Nathan Mpinganjira, sibling to the founder of FDH Bank, Thom Mpinganjira, possesses a 4.9-percent stake, equivalent to 337,887,239 ordinary shares, in the bank. Valued at $20.59 million, Nathan’s holdings reflect the family’s enduring legacy in the Malawian financial sector, even amidst the legal tribulations faced by his brother.

4. Ramesh Haridas Savjani

  • Portfolio value on the MSE: $15.01 million
  • Holdings: Ilovo Sugar Malawi
  • Ramesh Haridas Savjani assumes the role of chairman at General Alliance Insurance in Malawi, showcasing a multifaceted involvement in the financial landscape. Holding a 2.08-percent stake valued at $15.01 million in Ilovo Sugar Malawi, a key player in Malawi’s sugar industry, Savjani’s strategic investments contribute to the economic fabric of the nation.

5. Vizenge Kumwenda

  • Portfolio value on the MSE: $7.09 million
  • Holdings: NICO Holdings
  • Vizenge Kumwenda, the adept group managing director of NICO Holdings, underscores his influence in Malawi’s financial services sector. His 4.82-percent shareholding, valued at $7.09 million, reflects his commitment to the company’s diverse interests, spanning general insurance, life insurance, pensions administration, banking, and asset management. Additionally, Kumwenda holds a 0.17-percent stake in NBS Bank.

6. George Partridge

  • Portfolio value on the MSE: $1.62 million
  • Holdings: National Bank of Malawi, Telekom Networks, Press Corporation Plc
  • As the CEO of Press Corporation Limited, Malawi’s largest conglomerate, George Partridge’s strategic investments include a small 0.037-percent stake in the company and a more substantial 0.18-percent stake in National Bank of Malawi PLC, valued at close to $1.62 million. His diverse shareholdings extend to Telekom Networks, showcasing a nuanced approach to wealth management.

7. Sangwani Hara

  • Portfolio value on the MSE: $1.16 million
  • Holdings: NICO Holdings Plc
  • Sangwani Hara, fulfilling roles as the group company secretary and financial manager of Makandi Tea & Coffee Estate, as well as chairperson of the Tea Association of Malawi Limited, combines a diverse professional portfolio. Holding a 0.79-percent stake in NICO Holdings valued at $1.16 million, Hara plays a crucial role in both the agricultural and financial sectors.

8. William Mpinganjira

  • Portfolio value on the MSE: $0.97 million
  • Holdings: FDH Bank Plc
  • William Mpinganjira, son of business tycoon Thom Mpinganjira, aligns with the family legacy through his 0.23-percent stake in FDH Bank Plc, valued at $0.97 million. His strategic position reflects a commitment to the ongoing success of the family-founded institution.

9. Natasha Nsamala

  • Portfolio value on the MSE: $0.92 million
  • Holdings: NICO Holdings Plc
  • A prominent figure in Malawi’s technocratic landscape, Natasha Nsamala currently leads as the CEO of the Malawi Blood Transfusion Service. Holding a 0.63-percent stake worth $0.926 million in NICO Holdings, Nsamala exemplifies the fusion of leadership and strategic financial acumen.

10. George Chitera

  • Portfolio value on the MSE: $0.84 million
  • Holdings: FDH Bank PLC
  • George Chitera, a senior executive at FDH Bank, commands a 0.2-percent stake equivalent to 13.75 million shares in the company, valued at $0.84 million. His strategic positioning within FDH Bank reflects both professional prowess and an astute investment strategy.