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Malawian billionaire Hitesh Anadkat has strengthened his position as the country’s wealthiest individual, with his stake in FMB Capital Holdings now worth more than $1.2 billion. The increase follows a sharp rally in the financial group’s shares on the Malawi Stock Exchange, driven by strong investor appetite and the company’s wider presence in Southern Africa.
Anadkat’s holdings reach $1.22 billion
Hitesh Anadkat founded FMB Capital in 1995 and has remained its largest shareholder for three decades. He owns 45.32 percent of the bank, a stake of about 1.11 billion shares. Over the past three weeks, the value of that holding has jumped by nearly $200 million, climbing from MWK1.84 trillion ($1.06 billion) to MWK2.11 trillion ($1.22 billion).
The latest gain follows an earlier upswing between late July and late August, when Anadkat’s fortune rose by $123.8 million as FMB’s market value pushed higher. For the 66-year-old businessman, the back-to-back increases underscore the strength of a stock that has rewarded patient investors who stayed with the bank during its years of regional growth.
Investors bet big on FMB, market cap tops $2.6 billion
FMB’s growth highlights the rise of a regional banking group that has steadily moved beyond its Malawian roots. Founded three decades ago as a small lender in Blantyre, the company has expanded into Mozambique, Zimbabwe, Zambia and Botswana, building a presence that shows its ambitions stretch well beyond Malawi.
With its headquarters in Mauritius, FMB has drawn in cross-border capital and strengthened ties with investors across Southern Africa, a shift that is becoming more evident in the market. Over the past three weeks, FMB shares have climbed 15 percent, rising from MWK1,650.01 ($0.95) on Aug. 28 to MWK1,897.97 ($1.09), thus lifting its market cap to $2.69 billion.
For shareholders the gains have been striking, this year alone the company's stock has surged 242 percent signaling strong investor confidence in FMB’s regional expansion and its ability to keep delivering solid returns.
Anadkat controls FMB via multiple vehicles
Anadkat’s holdings are structured through several investment vehicles reflecting a deliberate approach to his ownership, his largest block—766.3 million shares or 31.17 percent—is held through Premier Capital (Mauritius) Limited.
Another 232 million shares, or 9.44 percent sit under Magni Holdings, while smaller entities account for the rest. The layered structure consolidates his influence and ensures he remains the group’s dominant shareholder.
For Anadkat the recent rise in FMB’s market value is a personal milestone and a reflection of Malawi’s growing financial sector. His fortune closely tied to the bank’s performance stands as a signal of what disciplined growth and investor confidence can produce.
