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Malawi’s richest man, Hitesh Anadkat, gained $1.69 billion in 2025 from his stake in FMB Capital Holdings as the bank’s shares climbed on the Malawi Stock Exchange. By year-end, the value of his holding reached $2.05 billion, placing him among Africa’s top business figures.
The gains reflect investor confidence in FMB Capital, a regional lender expanding beyond Malawi. The group has delivered consistent earnings growth while extending its operations across Southern Africa. The stock’s performance has outpaced concerns over thin liquidity and limited market depth, highlighting demand for shares in smaller African financial markets.
A founder’s long bet pays off
Hitesh Anadkat co-founded FMB Capital in 1995 and has remained its biggest shareholder for over three decades. He owns 45.32 percent of FMB Capital Holdings, equal to roughly 1.11 billion shares, giving him decisive influence over the bank’s long-term direction.
At the start of 2025, his stake was valued at MWK618.38 billion ($356.34 million). By year-end, it rose to MWK3.56 trillion ($2.05 billion), an increase of MWK2.94 trillion ($1.69 billion). For Anadkat, who has remained invested through economic fluctuations and currency pressures, the gain marks a rare payoff on the Malawi Stock Exchange.
From Blantyre to the region
FMB Capital has grown from a small lender in Blantyre, Malawi, into a regional banking group. Over three decades, it expanded operations into Mozambique, Zimbabwe, Zambia, and Botswana, establishing a cross-border presence across Southern Africa.
The bank’s regional presence has shielded it from local shocks and drawn investors seeking Southern Africa exposure through one listed company. Its expansion strategy, disciplined cost management, and focus on core lending have supported consistent earnings growth.
A standout performer on the exchange
FMB Capital’s shares rose 475.12 percent on the Malawi Stock Exchange in 2025, climbing from MWK555 ($0.32) to MWK3,101.92 ($1.84). A $100,000 investment a year ago would now be worth $575,120, reflecting the stock’s strong performance over the 12-month period.
This performance has drawn attention to Malawi’s market as investors remain cautious. For Anadkat, the gains highlight how patience, scale, and a focused regional strategy can deliver significant returns in smaller African exchanges often overlooked by international capital.
