Hitesh Anadkat, a Malawian multimillionaire businessman, has experienced a huge financial blow after the market value of his stake in Mauritius-based investment firm FMB Capital Holdings fell by more than $12 million.
According to market statistics, Anadkat’s investment in FMB Capital has decreased by MWK21.25 billion ($12.21 million) in the last 11 days.
Between April 19 and 26, Anadkat’s investment decreased by $16 million, from MWK359.54 billion ($206.81 million) to MWK 331.75 billion ($190.82 million). The data reveals a steady declining trend in FMB Capital’s shares.
FMB Capital Holdings, based in Port Louis, Mauritius, is a notable investment firm that operates in various African countries, including Botswana, Malawi, Mozambique, Zambia, and Zimbabwe.
Since April 29, FMB Capital Holdings’ shares on the Malawi Stock Exchange have plummeted 6.02 percent, from MWK404.38 ($0.232) to MWK380.04 ($0.218) per share at the time of writing, bringing its market capitalization below $550 million.
FMB Capital Holdings, founded by Hitesh Anadkat in 1995, has had a significant impact on the region’s financial scene. Anadkat currently owns 35.51 percent of the Mauritius-based investment organization, equivalent to 872,924,575 ordinary shares.
As a result of the recent share price decline, Anadkat’s stake’s market value has dropped from MWK352.99 billion ($202.85 million) on April 29 to MWK331.75 billion ($190.61 million) at the time of publication.
Despite recent difficulties, Anadkat is still one of the wealthiest investors on the Malawi Stock Exchange and a successful businessman.