Hitesh Anadkat, one of Malawi’s wealthiest men, has seen the market value of his interest in FMB Capital Holdings jump to $200 million, thanks to a recent increase in the value of his holdings in the Mauritius-based investment company.
According to the article, Anadkat’s interest in FMB Capital has climbed by MWK19.33 billion ($11.15 million) in the last twelve days, owing to a surge in the group’s shares on the Malawi Stock Exchange (MSE).
This increase comes after a $12.21 million decrease in his investment from $202.85 million to $190.61 million between April 29 and May 10.
FMB Capital Holdings, headquartered in Port Louis, Mauritius, operates in Botswana, Malawi, Mozambique, Zambia, and Zimbabwe. The business approved a final dividend payout of $10.63 million, bringing the total dividend for FY2023 to $15.79 million, representing a 32% year-on-year increase.
FMB Capital shares have risen 5.86 percent in the past 12 days, from MWK377.87 ($0.22) on July 17 to MWK400.01 ($0.23). This spike has boosted the company’s market capitalization past $565 million, resulting in significant benefits for shareholders.
Anadkat founded FMB Capital Holdings in 1995, and it has played a significant role in influencing the region’s financial scene. Anadkat owns 35.51 percent of the investment firm, which equates to 872,924,575 ordinary shares.
The recent rise in share price has increased the market value of his ownership from MWK329.85 billion ($190.23 million) on July 17 to MWK349.18 billion ($201.38 million), cementing his position as one of the wealthiest investors on the Malawi Stock Exchange.
FMB Capital is one of the best performers on the Malawi Stock Exchange, having delivered remarkable returns to investors since the start of the year. Shareholders’ investments have increased by 27 percent year to date in 2024. A $100,000 investment at the start of the year is now worth $127,000, yielding a profit of $27,000.