Hitesh Anadkat, one of Malawi’s wealthiest individuals, has seen his fortune decline by nearly $16 million as a result of a recent slump in the share price of FMB Capital Holdings, a Mauritius-based investment group in which he holds a significant stake.
According to data tracked by Billionaires.Africa, Anadkat’s stake in FMB Capital has declined by MWK 27.79 billion ($15.99 million) over the past six days. The decline is attributed to selling pressure on the Malawi Stock Exchange.
The recent slump follows a brief period of gains for Anadkat, whose stake in FMB Capital had appreciated by MWK 27.79 billion ($15.99 million), between April 8 and 15.
FMB Capital shares slump by 7.73 percent
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.
In recent times, the investment group’s share price has plunged by 7.73 percent, falling from MWK411.88 ($0.237) on April 19 to MWK380.04 ($0.219) at the time of drafting this report, causing the group’s market capitalization to drop below $540 million.
Anadkat retains prominent position despite setback
Founded by Hitesh Anadkat in 1995, FMB Capital Holdings has played a pivotal role in shaping the financial landscape of the region. Anadkat presently holds a 35.51-percent stake in the Mauritius-based investment group, translating to 872,924,575 ordinary shares.
The recent market downturn has reduced the market value of Anadkat’s stake by MWK 27.79 billion ($15.99 million) over the past week, falling from MWK359.54 billion ($206.81 million) on April 19 to MWK 331.75 billion ($190.82 million).
Despite this setback, Anadkat remains one of the wealthiest investors on the Malawi Stock Exchange and a prominent figure among the country’s most successful businessmen.