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: [email protected].
