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