Malawian tycoon Hitesh Anadkat gains $16 million from stake in Mauritius-based FMB Capital Holdings
Anadkat is the founder of FMB Capital Holdings and holds a substantial 35.51-percent stake in the company.
Anadkat is the founder of FMB Capital Holdings and holds a substantial 35.51-percent stake in the company.
Anadkat, a prominent banker, owns 435,000,000 shares in the Malawi-based telecom company.
Anadkat founded the holding in 1995 and is the largest shareholder in the leading financial services group.
The gain can be attributed to swift investor reactions after the telecom company’s half-year earnings were published.
Telekom Networks Malawi is the oldest telecom company in Malawi.
The gains came off the back of a resurgence in investor interest in the Botswana-based microfinance holding.
The $764,000-gain can be linked to a rise in the market value of Anadkat’s stake in Letshego Holdings.
The increase can be linked to gains in the group’s shares on the Malawi Stock Exchange.
Founded in 1995, the company is Malawi’s first private bank.