Thom Mpinganjiras FDH Bank stake surges to 1.12 billion, making him Malawis first billionaire and richest citizen.
FDH Bank shares rise 365 in 2024, lifting its market value to 2 billion and driving Mpinganjiras wealth gains.
FDH Bank expands regionally with planned acquisition of nearly all Ecobank Mozambique from Ecobank Transnational Incorporated.
Malawian banker and entrepreneur Thom Mpinganjira has become the first Malawian billionaire, and the first citizen to own assets exceeding 1 billion in value.
The milestone cements Mpinganjiras position not only as the countrys richest man but also as a towering figure in African banking, overtaking Indian-Malawian financier Hitesh Anadkat, who earlier this year saw his own net worth approach the billion-dollar mark .
FDH Bank shares jump, Mpinganjira hits 1.1 billionMpinganjiras rise to billionaire status stems from the sharp rise in his indirect stake in Blantyre-based FDH Bank Plc . His investment firm, M Development, holds 55 percent of FDH Financial Holdings, the parent company of FDH Bank.
FDH Financial Holdings itself owns 74.05 percent of the bank, giving Mpinganjira indirect control of more than 2.81 billion shares about 40.73 percent of the company. Based on the latest valuation, that stake is worth MWK 1.94 trillion 1.12 billion, up from MWK 416.6 billion 240.5 million at the start of the year.
This 878.9 million jump in value reflects the surge in FDH Banks stock price on the Malawi Stock Exchange. The shares have risen 365 percent this year, from MWK 148.23 0.085 in January to MWK 689.99 0.398, lifting the banks market capitalization to MWK 4.76 trillion 2 billion and making it the most valuable publicly traded company in the country.