Home » Hitesh Anadkat, one of Malawi’s richest men, rakes in $105 million in 2023

Hitesh Anadkat, one of Malawi’s richest men, rakes in $105 million in 2023

Anadkat’s stake soars above $160 million

by Yusuf Abdulfatai
Hitesh Anadkat

Hitesh Anadkat, one of Malawi’s wealthiest individuals, recorded a significant increase in his fortune in 2023 thanks to the multimillion-dollar bump in the market value of his stake in FMB Capital Holdings during the year.

According to data tracked by Billionaires.Africa, Anadkat’s stake in FMB Capital increased by MWK178.2 billion ($105.88 million) throughout 2023 — this reaffirmed his position as one of the top investors on the Malawi Stock Exchange and as one of the country’s richest men.

Headquartered in Port Louis, Mauritius, FMB Capital Group is an investment holding company operating across several African nations–including Botswana, Malawi, Mozambique, Zambia, and Zimbabwe.

Market momentum: FMB Capital’s remarkable 2023 stock surge

Founded by Anadkat in 1995, the group has emerged as a key player in the region’s financial landscape. Anadkat presently holds an impressive 35.51-percent stake in FMB Capital, which translates to 872,924,575 ordinary shares.

The share price of FMB Capital Holdings traded on the Malawi Stock Exchange, surged by 184.14 percent throughout 2023. It went from MWK 110.86 ($0.066) on Jan. 1 to MWK 315.00 ($0.187) on Dec. 31, 2023 — propelling the bank’s market capitalization above $460 million.

Anadkat’s stake soars above $160 million

This surge in FMB Capital’s shares directly impacted the market value of Anadkat’s stake, which increased significantly from MWK96.77 billion ($57.49 million) on Jan. 1 to MWK274.97 billion ($163.37 million) on Dec. 31.

The surge in Anadkat’s stake in 2023 resulted in a substantial gain of $105.88 million for the leading businessman, further solidifying his position as one of Malawi’s richest men and a leading investor on the Malawi Stock Exchange.

Anadkat’s unparalleled success in the realms of banking and entrepreneurship solidifies his standing as a prominent figure in Malawi’s financial sphere – showcasing his adeptness in generating substantial wealth through his stake in FMB Capital Holdings.

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