Hitesh Anadkat, one of Malawi’s richest individuals, has seen his wealth decline in recent times after a surge earlier this year. The decrease is driven by a plunge in the market value of his stake in FMB Capital Holdings Ltd. below $200 million.
According to data tracked by Billionaires.Africa, the market value of Anadkat’s stake in the Mauritius-based investment group has fallen by MWK 27.84 billion ($16 million) over the past 19 days, to MWK 331.71 billion ($190.71 million) at the time of drafting this report.
The recent decline in his FMB stake, linked to a sustained drop in the share price of the leading Malawian financial group, adds to a $6-million decrease in the value of his holding between Feb. 1 and March 9.
FMB Capital’s market cap falls below $550 million
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 Hitesh Anadkat in 1995, the investment holding company has played a pivotal role in shaping the financial landscape of the region. Anadkat presently holds a 35.51-percent stake in FMB Capital, translating to 872,924,575 ordinary shares.
Anadkat stake falls below $200 million
The share price of FMB Capital on the Malawi Stock Exchange has dropped 7.74 percent in recent weeks, falling from MWK411.89 ($0.2367) on March 15 to MWK380 ($0.2186). This decline has pushed the group’s market capitalization below the $550-million mark.
As a result of the share price drop, the market value of Hitesh Anadkat’s stake in FMB Capital has slumped by MWK27.84 billion ($16 million). On March 15, the stake was valued at MWK359.55 billion ($206.72 million). At the time of writing, it stands at MWK331.71 billion ($190.71 million).