One of Malawi’s richest men, Hitesh Anadkat, gains $20 million from FMB Capital

Feyisayo Ajayi -

Hitesh Anadkat, оne of Malawi’s wealthiest individuals, has experienced a remarkable surge in the market value of his stake in FMB Capital Holdings, a Mauritius-based investment holding company, amassing a staggering $20.76 million over the past 15 days.

According to data tracked by Billionaires.Africa, the market value of Anadkat’s stake in FMB Capital Holdings has surged by MWK 34.93 million ($20.76 million) since the start of the year.

This surge is linked to the recent upswing in the group’s shares on the Malawi Stock Exchange, solidifying Anadkat’s position among the nation’s wealthiest individuals.

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.

FMB Capital shares surge by 12.7 percent, pushing market cap above $500 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 the start of the year, the share price of FMB Capital Holdings on the Malawi Stock Exchange has experienced a remarkable surge of 12.70 percent, rising from MWK 315 ($0.187)  to MWK 355.01($0.211) at the time of writing. This surge has propelled the bank’s market capitalization above the $500-million mark.

Anadkat’s stake surges above $180 million, cementing his position as one of Malawi’s richest investor

As a result of the recent surge in the bank’s shares, Anadkat’s stake has increased by MWK34.93 ($20.76 million) over the past 15 days, from MWK 274.97 billion ($163.48 million) to MWK 309.89 billion ($184.24 million).

The $20.76 million surge, has not only solidified Hitesh Anadkat’s position as one of the wealthiest investors on the Malawi Stock Exchange but has also elevated his position among the country’s richest individuals.

Anadkat’s success in the banking industry reinforces his standing as a key figure in the financial services industry. His impactful business ventures with FMB Capital Holdings take center stage, highlighting his influence on the continent.