Hitesh Anadkat, one of Malawi’s richest men, gains $9.7 million in 43 days

Hitesh Anadkat, one of Malawi’s wealthiest individuals, has recorded a significant bump in his fortune, with the market value of his stake in Mauritius-based banking group, FMB Capital Holdings, increasing by nearly $10 million in recent times.

Data compiled by Billionaires.Africa reveals that Anadkat’s stake in FMB Capital has increased by MWK16.46 billion ($9.74 million) over the past 43 days, driven by the recent surge in the group’s shares on the Malawi Stock Exchange.

Founded by Anadkat in 1995, FMB Capital Holdings has emerged as a pivotal player in the financial landscape of the region. Anadkat presently holds an impressive 35.51 percent stake in the leading lender — which translates to 872,924,575 ordinary shares.

FMB Capital shares surge by 6.37 percent, pushing market cap above $450 million

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.

Since Nov. 16, its shares on the Malawi Stock Exchange have increased by 6.37 percent — rising from MWK296.14 ($0.18) on Nov. 16 to MWK315.00 ($0.19) at the time of writing – thus pushing the Bank’s market capitalization above $450 million.

Anadkat’s stake surges above $270 million, cementing his position as Malawi’s richest investor

As a result of this recent surge in the group’s shares, the market value of Anadkat’s stake in FMB Capital has increased by MWK16.46 billion ($9.74 million) — rising from MWK258.51 billion ($153.00 million) on Nov. 16 to MWK274.97 billion ($162.72 million) at the time of writing.

The surge in the market value of Anadkat’s stake in FMB Capital, amounting to $91.8 million, firmly establishes his status as one of the most affluent investors on the Malawi Stock Exchange and positions him among the most prosperous businessmen in the country.