Hitesh Anadkat, renowned as one of Malawi’s wealthiest individuals, is grappling with a substantial setback as the market value of his stake in Mauritius-based investment holding company FMB Capital Holdings declined by $6 million.
Recent data analyzed by Billionaires.Africa reveals that Anadkat’s stake in FMB Capital has witnessed a decrease of MWK9.37 billion ($6 million) over the past 37 days. This decline is primarily attributed to the recent pullback in the group’s share price on the Malawi Stock Exchange.
Market capitalization dips below $650 million as FMB Capital experiences 2.54-percent share price drop
FMB Capital Holdings, headquartered in Port Louis, Mauritius, is a prominent investment holding company operating across multiple African nations, including Botswana, Malawi, Mozambique, Zambia, and Zimbabwe.
Founded by Anadkat in 1995, the group has played a pivotal role in shaping the financial landscape of the region. Anadkat presently holds an impressive 35.51-percent stake in FMB Capital, translating to 872,924,575 ordinary shares.
In recent times, the share price of FMB Capital on the Malawi Stock Exchange has experienced a notable decline of 2.54 percent, falling from MWK422.63 ($0.271) on Feb. 1 to MWK411.90 ($0.264). This downturn has pushed the group’s market capitalization below the $650 million mark at the time of drafting this report.
Wealthy investor Hitesh Anadkat faces significant setback amid FMB Capital Holdings share price retreat
In light of this recent downturn, the market value of Anadkat’s stake in FMB Capital has contracted by MWK9.37 billion ($6.0 million), decreasing from MWK368.92 billion ($236.41 million) on Feb. 1 to MWK359.56 billion ($230.41 million) at the time of writing.
Despite the recent decline in the market value of his stake, Anadkat retains his position as one of the wealthiest investors on the Malawi Stock Exchange.