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

by MMC
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Hitesh Anadkat, one of the richest people in Malawi, renowned for his impressive earnings this yearis grappling with a substantial setback as the market value of its stake in Mauritius-based investment holding company FMB Capital Holdings fell by $64 million.

Data tracked by Billionaires.Africa reveals that Anadkat’s stake in FMB Capital declined by MWK74.22 billion ($64.05 million) in just two days, due to the recent decline 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 countries, including Botswana, Malawi, Mozambique, Zambia and Zimbabwe.

Founded by Anadkat in 1995, FMB Capital has established itself as a key player in the region’s financial landscape. Anadkat currently holds an impressive 35.51% stake in FMB Capital, which corresponds to 872,924,575 ordinary shares.

Over the past two days, the stock price of FMB Capital The Malawi Stock Exchange faced a 20.5 percent decline from 415.03 MWK ($0.358) on October 4 to 330 MWK ($0.285) at the time of writing.

Due to the recent economic downturn, the market value of Anadkat’s stake in FMB Capital decreased by MWK74.22 billion ($64.05 million) from MWK362.29 billion ($312.62 million). of dollars) on October 4 to 288.07 billion MWK ($248.57 million). ) at the time of writing.

Despite this significant setback, Anadkat maintains its status as a prominent figure in the Malawian financial sphere, demonstrating its capacity to generate significant wealth through its stake in FMB Capital Holdings.

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