Thom Mpinganjira, one of Malawi’s most successful yet controversial businessmen and the founder of FDH Bank Plc, has seen the market value of his stake in the Blantyre-based institution fall since the start of the year.
Since January 1, the market value of Mpinganjira’s holding in FDH Bank has fallen by MWK14.04 billion ($8.35 million) due to the largest financial service provider’s share price continuing to fall.
This reduction comes after a $13.39-million market loss he had between September 1 and November 23 of the previous year, when the market value of his holding in FDH bank fell from MWK213.4 billion ($126.76 million) to MWK 190.85 billion ($113.36 million).
FDH Bank, a significant financial services provider founded by Mpinganjira — a figure both revered and questioned in Malawian industry — is one of the commercial banks regulated by Malawi’s Reserve Bank. As of 2020, it boasted a network of 53 branches and 91 automated teller machines strategically positioned in all 27 districts of the country.
Since its inception in April 2002, FDH Bank, which is owned by FDH Financial Holdings, a leading holding company with interests in banking, discount house operations, investment management, and advisory services, has grown to become one of Malawi’s leading financial services groups.
Since the beginning of the year, FDH Bank’s share price on the Malawi Stock Exchange has fallen 7.14 percent, from MWK 70.00 ($0.042) to MWK 65.00 ($0.039) at the time of writing, bringing the group’s market capitalization below $300 million.
Mpinganjira, the founder of FDH Bank Plc, owns an indirect 40.7% ownership in the Blantyre-based firm. His indirect holding in the bank, which totals 2,808,719,719 shares, cements his status as one of the wealthiest people not just in Malawi, but throughout Southern Africa.
According to data maintained by Billionaires.Africa, the market value of Mpinganjira’s interest in FDH Bank has dropped from MWK 196.61 billion ($116.91 million) on January 1 to MWK 182.57 billion ($108.56 million) at the time of writing, representing a loss of MWK 14.04 billion ($8.35 million).
Despite the recent slump, Mpinganjira remains one of Malawi’s most successful businesspeople, as well as one of the wealthiest individuals on the Malawi Stock Exchange.