Hitesh Anadkat, recognized as one of Malawi’s wealthiest individuals, has suffered a significant blow as the market value of his interest in Mauritius-based investment holding company FMB Capital Holdings fell by $6 million.
Anadkat’s stake in FMB Capital has decreased by MWK9.37 billion ($6 million) over the last 37 days. This reduction is mostly due to a recent drop in the group’s share price on the Malawi Stock Exchange.
FMB Capital Holdings, headquartered in Port Louis, Mauritius, is a notable investment holding company that operates in several African countries, including Botswana, Malawi, Mozambique, Zambia, and Zimbabwe.
Anadkat founded the group in 1995, and it has had a significant impact on the region’s financial scene. Anadkat currently owns an amazing 35.51 percent interest in FMB Capital, which translates to 872,924,575 ordinary shares.
FMB Capital’s share price on the Malawi Stock Exchange has recently declined by 2.54 percent, falling from MWK422.63 ($0.271) on February 1 to MWK411.90 ($0.264). This collapse has brought the group’s market capitalization below $650 million as of the writing of this report.
In light of this recent slump, the market value of Anadkat’s interest in FMB Capital has decreased by MWK9.37 billion ($6.0 million), falling from MWK368.92 billion ($236.41 million) on February 1 to MWK359.56 billion ($230.41 million) at the time of writing.
Despite a recent drop in the market value of his investment, Anadkat remains one of the wealthiest investors on the Malawi Stock Exchange.
