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The five richest people on the Malawi Stock Exchange

Research is based on figures derived from investment agencies, annual reports and confirmations from capital market registrars.



NICO Holdings Group Managing Director Vizenge Kumwenda.

Malawi’s capital market is among the most illiquid markets and is characterized by low trade volumes and market turnover, with ratios close to zero.

While a significant majority of Malawi’s wealthiest individuals continue to shun its local bourse ­– preferring to build their fortunes through privately-owned companies – a tiny handful of High net worth individuals keep a portion of their investment portfolios in listed equities on the Malawi Stock Exchange.

Based on figures derived from investment agencies, the latest annual reports and confirmations from capital market registrars, these are the five richest people who own stocks listed on the Malawi Stock Exchange. The value of the shares is based on prices at the end of trading on Aug. 20, and valuations are converted to U.S. dollars at current exchange rates.

#1 Hitesh Anadkat

Net worth on the MSE: $69.8 million

Holdings: FMB Capital Holdings

Malawian banker Hitesh Anadkat is the founder of FMB Capital Holdings, the Mauritius-based holding company of the FMB Capital Group which provides various financial services. It is listed on the Malawi Stock Exchange and has banking and finance operations in Zimbabwe, Mozambique, Zambia, Mauritius and Botswana. Anadkat owns a 35.5-percent stake in FMB Capital Holdings worth $69.8 million.

#2 Vizenge Kumwenda

Net worth on the MSE: $3.96 million

Holdings: NICO Holdings, ICON Properties, NBS Bank

Vizenge Kumwenda is the group managing director of NICO Holdings, a Malawian financial services organization involved in general insurance, life insurance, pensions administration, banking and asset management. He owns a 4.82-percent shareholding in the company – a stake worth $3.4 million. His portfolio on the MSE includes a 0.36-percent stake in the real estate company ICON Properties and a 0.17-percent stake in NBS Bank.

#3 Ramesh Haridas Savjani

Net worth on the MSE: $2.3 million

 Holdings: Illovo Sugar Malawi

Ramesh Sajvani, a Malawian businessman with interests in the insurance industry, owns a 2.08-percent stake in Illovo Sugar Malawi, a sugar producer listed on the Malawi Stock Exchange.  Sajvani is the chairman of the General Alliance insurance company in Malawi.

#4 George B. Partridge

Net worth on the MSE: $770,187

Holdings: National Bank of Malawi PLC, Press Corporation

George Partridge is the CEO of Press Corporation Limited, the largest conglomerate in Malawi, with 13 subsidiaries and associates in the group in sectors such as energy, foods, financial services, telecom and manufacturing. He was appointed to the position in 2016. Earlier, he served as the CEO of the National Bank of Malawi Plc. Partridge still owns a 0.18-percent stake worth $687,387 in the National Bank of Malawi, as well as a 0.037-percent shareholding in Press Corporation.

#5 Sangwani Hara

Net worth on the MSE: $420,897

Holdings: NICO Holdings

Sangwani Hara is the group company secretary and financial manager of Makandi Tea & Coffee Estate. He also serves as the chairperson of the Tea Association of Malawi Limited. He owns a 0.6-percent stake in NICO Holdings worth $420,897.

Mfonobong Nsehe contributed to this report. Send comments to:

East Africa

Aga Khan IV-backed Jubilee to receive $2.27 million from sale of Mauritian insurance subsidiary

Jubilee Holdings is a Kenyan investment holding company.



Aga Khan IV.

Jubilee Holdings is on course to pocket a total of Ksh270 million ($2.26 million) from the sale of a 54.15-percent stake in its Mauritian subsidiary Jubilee Insurance Company of Mauritius Limited to Allianz SE.

Alliansz SE is a German multinational financial services company headquartered in Munich.

The transaction is the fifth to be concluded under a 2020 agreement in which Allianz began the process of purchasing majority stakes in Jubilee’s general insurance units in five countries, including Mauritius.

“We expect to close the Mauritius transaction in September… For Jubilee, the total consideration is Sh270 million,” Nizar Juma, chairman of Jubilee Holdings, said, setting the timeline for the $2.26-million deal with the German multinational insurer.

Jubilee Holdings is a Kenyan investment holding company with active operations and investments in Kenya, Uganda, Tanzania, Burundi, and Mauritius. It owns 88.15 percent of Jubilee Insurance Company of Mauritius Limited.

Shah Karim al-Husayni, also known as Aga Khan IV, is best known for founding Nation Media Group, Africa’s largest independent media organization. Through the Aga Khan Fund for Economic Development, he owns 37.98 percent of Jubilee Holdings and 11.85 percent of its Mauritian subsidiary.

According to BusinessDaily, Allianz will purchase additional shares from Aga Khan IV, who will sell his 11.85-percent stake in the Mauritian subsidiary as part of the deal.

With the deal expected to close next month, Jubilee Holdings will see its ownership interest drop to 34 percent as part of its partial divestiture in its general insurance businesses, which follows the sale of similar assets in Kenya, Uganda, Tanzania, and Burundi.

Over two months ago, Jubilee received Ksh1.4 billion ($11.7 million) from the sale of a majority stake in its Tanzanian general insurance business to Allianz.

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East Africa

Kenyan banking exec Andrew Ndegwa gains $1.5 million in 43 days from investment in NCBA Group

Ndegwa, an executive director of First Chartered Securities Limited, owns 4.3 percent of NCBA Group.



Andrew Ndegwa.

After losing a sizable portion of its market capitalization in the first half of 2022, NCBA Group has seen its share price soar above its opening price at the start of this year.

NCBA Group is a financial services conglomerate based in Kenya.

Due to the recent gains in the company’s share price, Kenyan banking tycoon Andrew Ndegwa has seen the market value of his stake in the conglomerate increase by more than $1.5 million over the past 43 days.

As of press time on Aug. 12, shares in NCBA Group were trading at Ksh26.2 ($0.22), 4.73-percent less than their opening price this morning as wary investors took advantage of the high price to sell off some of their positions in the bank.

Since June 30, shares in the Nairobi-based financial services provider have risen by 11 percent, from Ksh23.6 ($0.198) per share to Ksh26.2 ($0.22) per share, driven by a resurgence in buying interest among market participants.

Ndegwa, an executive director of First Chartered Securities Limited, owns 4.3 percent of NCBA Group. He has seen the market value of his stake rise from Ksh1.67 billion ($14.02 million) on June 30 to Ksh1.86 billion ($15.57 million) due to the recent bullish sentiment on the NSE floor.

As a result, the banking tycoon has gained a total of Ksh184.36 million ($1.54 million) over the past 43 days, solidifying his status once more as one of the wealthiest investors on the NSE.

Meanwhile, James Ndegwa, his brother and the former head of Kenya’s capital markets authority, has seen his 4.23-percent stake in NCBA Group increase by $1.47 million over this same period.

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East Africa

Malagasy tycoon Hassanein Hiridjee says Africa needs to invest in clean energy transition

Hiridjee is one of Madagascar’s wealthiest and most powerful business leaders.



Malagasy tycoon Hassanein Hiridjee.

Malagasy multimillionaire businessman and AXIAN Group CEO Hassanein Hiridjee has stated that Africa must invest in a clean energy transition to bolster the continent’s renewable energy capacity.

“We must double our commitment within Africa to increase investments to shape our own energy destiny in order to meet long-term goals,” Hiridjee said.

Millions of Africans could be lifted out of energy poverty with the right strategy and investment in clean energy transition projects stimulated by collective action from the private and public sectors, he said.

His statement comes after U.S. billionaire Michael Bloomberg pledged $242 million to assist developing countries, including African nations, in transitioning away from non-renewables.

Hiridjee explained that such funding is needed to combat Africa’s continuing energy crisis, in which hundreds of millions lack access to basic electricity.

He added that the lack of access to basic electricity is only worsening as a result of the war in Ukraine and COVID-19, with 25 million more Africans living without electricity than before the pandemic.

Infinity Group, a leading renewable energy company led by Egyptian billionaire Mohamed Mansour, recently partnered with the Africa Finance Corporation to acquire Lekela Power, making Infinity the continent’s largest renewable energy company.

Hiridjee, one of Madagascar’s wealthiest and most powerful business leaders, has also played a formative role in developing commercially viable energy solutions that provide Africans with efficient, long-term access to energy resources.

Earlier this year, Axian Group completed the expansion of the Ambatolampy solar power plant in Madagascar, from 20 to 40 MWp.

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