Thom Mpinganjira — one of Malawi’s most successful yet controversial businessmen and the founder of FDH Bank Plc — has experienced a substantial decrease in the market value of his stake in the Blantyre-based lender.
The market value of Mpinganjira’s stake in FDH Bank has declined by MWK22.55 billion ($13.39 million) since Sept. 1, as investors reduced their stakes in the leading financial service provider.
This downturn comes on the heels of the $125.27-million market gain he recorded between Jan.1 and Oct. 7 — when the market value of his stake in FDH bank soared from MWK 48.79 billion ($42.14 million) to MWK 193.80 billion ($167.41 million).
FDH Bank shares decline by 10.57, pushing market cap below $300 million
FDH Bank, 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 grown into one of the leading groups in Malawi’s financial services industry.
Since Sept. 1, the share price of FDH Bank on the Malawi Stock Exchange has slumped by 10.57 percent — sliding from MWK 75.98 ($0.045) to MWK 67.95 ($0.040) at the time of writing — thus pushing the group market capitalization below $300 million.
Thom Mpinganjira’s stake in FDH Bank dips $13 million
Mpinganjira, founder of the FDH Bank Plc, 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.
Data tracked by Billionaires.Africa revealed that the market value of Mpinganjira’s stake in FDH Bank has decreased from MWK 213.41 billion ($126.76 million) on Sept. 1 to MWK 190.85 billion ($113.36 million) at the time of writing — reflecting a loss of MWK 22.55 billion ($13.39 million).
Despite this recent downturn, Mpinganjira maintains his position as one of Malawi’s leading businessmen — he also remains among the wealthiest individuals on the Malawi Stock Exchange.
