MALAWI

Over the past year, Hitesh Anadkat, a prominent Malawian banker and successful businessman, has amassed a multimillion-dollar fortune from his shares in FMB Capital Group. His stake in the Mauritius-based investment group has boosted his personal wealth by an impressive $73.8 million, consolidating his position as one of the wealthiest individuals in the region.

Thanks to sustained bullish sentiment on the local bourse, the market value of Anadkat’s stake in FMB Capital has increased significantly, firmly establishing him as a contender for the title of Malawi’s wealthiest individual. This coveted position is held by Thom Mpinganjira, a Malawian tycoon who previously served as the CEO of FDH Financial Holdings.

According to data tracked by Billionaires.Africa, Anadkat’s stake in FMB Capital over the past year has increased from MWK69.83 billion ($67.9 million) on March 25, 2022, to an astonishing MWK145.77 billion ($141.73 million) on March 24, 2023.

This translates to a staggering increase of MWK75.94 billion ($73.83 million), underscoring Anadkat’s astute investment acumen and the company’s remarkable growth trajectory.

The multi-million-dollar surge in Anadkat’s stake can be linked to the sustained growth in the group’s shares on the Malawi Stock Exchange from a price of MWK80 ($0.0778) a year ago to MWK166.99 ($0.162) at the time of this report, marking a phenomenal increase of 108.7 percent over the past year. This has propelled the group’s market capitalization above the $400 million mark, further consolidating its position as a major player in the African investment landscape.

Headquartered in Port Louis, Mauritius, FMB Capital Group is an investment holding company that operates in multiple African countries, including Botswana, Malawi, Mozambique, Zambia, and Zimbabwe.

Founded by Anadkat in 1995, the group has emerged as a key player in the region’s financial landscape, and the Malawian businessman holds a sizable 35.51-percent stake in FMB Capital, equivalent to 872,924,575 ordinary shares.

SOURCE; BILLIONAIRES.AFRICA

The International Monetary Fund (IMF) has claimed that President Lazarus Chakwera’s government is making efforts in stabilizing the country’s economy.

The IMF delegation led by first deputy manager Gita Gopinath hailed the country’s efforts in recovering the struggling economy.

Speaking after meeting Chakwera at State House in Lilongwe, Gopinath said that the country has gone through a myriad of inconveniences due to external shocks such as natural disasters and geopolitical strife in Eastern Europe.

“We are beginning to see progress and the results from these efforts that he has made. The reform momentum must continue. We will continue supporting Malawi in its reforms,” said Gopinath.

Chakwera in his statement appreciated the trust IMF has rendered to Malawi as he has been making tough and bold decisions in recovering the economy.

“I have told the IMF team that Malawi remains determined and focused to grow the economy and build sustainable communities inline with the Malawi vision 2063 agenda,” he said.

Chakwera, however, expressed hope that the discussion the IMF is undertaking with the Reserve Bank in Malawi and the Ministry of Finance will progress into clarity of new Extended Credit Facility (ECF).

Despite the IMF’s claims that Chakwera is making efforts to improve the economy, Malawi’s economic situation has been worsening over the past months with the Kwacha losing value and prices of commodities continuing to to go up. Malawi has also been facing a shortage of forex.

Source; Malawi24.com

Hitesh Anadkat, one of Malawi’s richest businessmen, amasses $73-million fortune in one year through FMB Capital stake

IMF says Malawi economy stabilizing under Chakwera