Malawi's Richest Man Loses 183 Million From Fmb Capital Stake

Hitesh Anadkats FMB Capital stake has dropped by 183 million after a nearly 20 slide in the banks share price on the MSE.

Despite the setback, Anadkat retains a 45.32 stake in FMB Capital, the most valuable company on the Malawi Stock Exchange.

FMB Capital stock is still up over 105 year-to-date, rewarding long-term investors with significant gains despite recent volatility.

After riding a wave of gains that nearly pushed his stake past the 1 billion mark, Hitesh AnadkatMalawis richest man and a key figure in its banking sectorhas seen the value of his holdings in FMB Capital Holdings fall sharply. A recent dip in the companys share price on the Malawi Stock Exchange has shaved 183 million off his investment.

Anadkat, who holds a 45.32 percent stake in FMB Capital, owns roughly 1.11 billion shares in the financial group, making him its largest shareholder. Known for playing a major role in shaping the countrys financial services industry, his fortunes have long been tied to FMBs performance.

Over the last 48 days, the value of his stake has fallen by MWK317.13 billion 183 million, bringing it down from MWK1.59 trillion 916.58 million to MWK1.27 trillion 733.64 million. The drop follows a period of intense selling pressure on the Malawi Stock Exchange that has affected several leading companies.

This loss comes on the heels of an impressive run earlier this year. Between January 1 and March 1, the value of Anadkats stake had soared by more than 549 million from MWK618.38 billion 356.82 million to MWK1.57 trillion 906.17 million thanks to a sharp rise in FMB Capitals share price.

FMB Capital Holdings , based in Port Louis, Mauritius, operates in five countries across Southern Africa, including Malawi, Zimbabwe, and Mozambique. With a market capitalization of MWK2.81 trillion 1.62 billion, its currently the most valuable company listed on the MSE.