Malawian multimillionaire businessman Hitesh Anadkat has suffered a significant financial setback as the market value of his holding in Mauritius-based investment firm FMB Capital Holdings plunged by over $12 million.
According to market data tracked by Billionaires.Africa, Anadkat’s stake in FMB Capital has declined by MWK21.25 billion ($12.21 million) over the past 11 days.
This follows a steeper decline between April 19 and 26, when Anadkat’s stake shed $16 million, falling from MWK359.54 billion ($206.81 million) to MWK 331.75 billion ($190.82 million). The data highlights the persistent downward trend in FMB Capital’s shares.
FMB Capital‘s market plunges below $550 million
FMB Capital Holdings headquartered in Port Louis, Mauritius, is a prominent investment firm operating across several African nations, including Botswana, Malawi, Mozambique, Zambia, and Zimbabwe.
Since April 29, FMB Capital Holdings’ shares listed on the Malawi Stock Exchange have dropped 6.02 percent, falling from MWK404.38 ($0.232) to MWK380.04 ($0.218) per share at the time of writing, reducing its market capitalization below the $550-million mark.
Hitesh Anadkat’s stake impacted
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.
As a result of the recent share price decline, the market value of Anadkat’s stake has fallen from MWK352.99 billion ($202.85 million) on April 29 to MWK331.75 billion ($190.61 million) at the time of this report.
Despite the recent setbacks, Anadkat remains one of the wealthiest investors on the Malawi Stock Exchange and is counted among the country’s most successful businessmen.
