Hitesh Anadkat, one of Malawi’s richest men, loses $64 million in two days

Hitesh Anadkat, one of Malawi’s wealthiest individuals, renowned for his impressive gains this year, is grappling with a substantial setback as the market value of his stake in Mauritius-based investment holding company FMB Capital Holdings slumped by $64 million.

Data tracked by Billionaires.Africa reveals that Anadkat’s stake in FMB Capital has decreased by MWK74.22 billion ($64.05 million) in just two days, driven by the recent pullback in the group’s share price on the Malawi Stock Exchange.

FMB Capital Holdings, headquartered in Port Louis, Mauritius, is an investment holding company with operations spanning several African nations, including Botswana, Malawi, Mozambique, Zambia, and Zimbabwe.

Founded by Anadkat in 1995, FMB Capital has emerged as a pivotal player in the region’s financial landscape. Anadkat presently holds an impressive 35.51-percent stake in FMB Capital, which translates to 872,924,575 ordinary shares.

In the past two days, the share price of FMB Capital on the Malawi Stock Exchange has faced a decline of 20.5 percent, sliding from MWK415.03 ($0.358) on Oct. 4 to MWK330 ($0.285) at the time of writing.

As a result of the recent downturn, the market value of Anadkat’s stake in FMB Capital has declined by MWK74.22 billion ($64.05 million) falling from MWK362.29 billion ($312.62 million) on Oct. 4 to MWK288.07 billion ($248.57 million) at the time of writing.

Despite this substantial setback, Anadkat retains his status as a prominent figure in Malawi’s financial sphere, underscoring his ability to generate significant wealth through his stake in FMB Capital Holdings.