Thom Mpinganjira — one of Malawi’s most successful yet controversial businessmen and the founder of FDH Bank Plc — has seen a reduction in the market value of his stake in the Blantyre-based lender since the beginning of the year.
The market value of Mpinganjira’s stake in FDH Bank has declined by MWK14.04 billion ($8.35 million) since Jan. 1 as a result of the sustained decline in the share price of the leading financial service provider.
This decline follows a $13.39-million market loss he recorded between Sep.1 and Nov. 23 of the previous year — when the market value of his stake in FDH bank dropped from MWK213.4 billion ($126.76 million) to MWK 190.85 billion ($113.36 million).
FDH Bank shares slump by 7.14 percent, market cap falls 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 the start of the year, the share price of FDH Bank on the Malawi Stock Exchange has experienced a 7.14-percent decline — falling from MWK 70.00 ($0.042) to MWK 65.00 ($0.039) at the time of writing — thus pushing the group’s market capitalization below $300 million.
Thom Mpinganjira’s FDH bank stake dips below $110 million
Mpinganjira, the 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 196.61 billion ($116.91 million) on Jan. 1 to MWK 182.57 billion ($108.56 million) at the time of writing — reflecting a loss of MWK 14.04 billion ($8.35 million).
Despite the recent downturn, Mpinganjira maintains his status as one of Malawi’s leading businessmen — he also remains among the wealthiest individuals on the Malawi Stock Exchange.
