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Despite the Malawian Kwacha’s depreciation this year, Hitesh Anadkat is one of the few African businessmen whose investments have been able to withstand the local currency’s depreciation against the U.S. dollar.
According to Billionaires.Africa, the market value of the leading businessman’s stake in Mauritius-based investment group, FMB Capital Group, has increased by $9 million since the start of the year, owing to a significant increase in the company’s share price.
FMB Capital is the investment holding company of FMB Capital Group, which has operations in Botswana, Malawi, Mozambique, Zambia, and Zimbabwe.
Anadkat, who founded the leading financial services firm in 1995, owns 35.51 percent, or 872,924,575 ordinary shares, of the Port Louis-based firm.
In the first six months of 2022, the investment group reported a 93-percent increase in its profit, from $13.1 million to $25.2 million, as its banking operations in Botswana, Malawi, Mozambique, Zambia, and Zimbabwe all recorded profit growth.
FMB Capital shares were trading at MWK110.83 ($0.108) per share as of press time on Nov. 27, 10.06-percent higher than their opening price this month, as investors on the local bourse continued to scoop up stakes in the investment group.
The group’s shares have increased from MWK80 ($0.0978) at the start of the year to MWK110.83 ($0.108) at the time of writing this report, representing a 38.5-percent gain for shareholders, including Anadkat, who owns 35.5 percent of the Port Louis-based firm.
As a result of the surge in the company’s share price on the Malawi Stock Exchange, the market value of Anadkat’s stake in FMB Capital has increased by MWK26.9 billion ($9 million) from (MWK69.8 billion ($85.3 million) on Jan. 1, to MWK96.75 billion ($94.3 million) at the time of drafting this report.
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