Hitesh Anadkat, one of Malawi’s wealthiest individuals, has witnessed a remarkable surge in his wealth, thanks to a substantial increase in the market value of his stakes in FMB Capital Holdings, a Mauritius-based company.
According to data tracked by Billionaires.Africa, Anadkat’s stake in FMB Capital increased by MWK27.82 billion ($15.99 million) over the past seven days, driven by the recent surge in the group’s shares on the Malawi Stock Exchange.
This recent bump in his fortune comes after his stake in FMB Capital Holdings declined by $6 million between Feb. 1 and March 9 from MWK368.92 billion ($236.41 million) to MWK359.56 billion ($230.41 million).
FMB Capital’s market cap soars above $580 million
FMB Capital Group, headquartered in Port Louis, Mauritius, is an investment holding company with operations across several African nations, including Botswana, Malawi, Mozambique, Zambia, and Zimbabwe.
Founded in 1995 by Hitesh Anadkat, the group has become a major player in the region’s financial landscape. Anadkat currently holds a significant 35.51 percent stake in FMB Capital, representing 872,924,575 ordinary shares.
FMB Capital’s share price on the Malawi Stock Exchange has seen a recent rise of 8.39 percent, climbing from MWK 380 ($0.218) to MWK 411.87 ($0.237). This surge has propelled the company’s market capitalization above $580 million, translating to substantial gains for shareholders.
Hitesh Anadkat’s stake gains $16 million
The recent spike in the share price has led to a corresponding increase in the market value of Anadkat’s stake in FMB Capital. Over the past seven days, his holdings have jumped by MWK27.82 billion ($15.99 million), rising from MWK331.71 billion ($190.68 million) on April 8 to MWK359.53 billion ($206.68 million) at the time of writing.
This surge in the market value of Anadkat’s stake, amounting to $15.99 million, solidifies his position as one of the wealthiest investors on the Malawi Stock Exchange and cements his status among the country’s most successful businessmen.