Malawi’s richest man loses $183 million from FMB Capital stake

Key Points

• Hitesh Anadkat’s FMB Capital stake has dropped by $183 million after a nearly 20% slide in the bank’s share price on the MSE.
• Despite the setback, Anadkat retains a 45.32% stake in FMB Capital, the most valuable company on the Malawi Stock Exchange.
• FMB Capital stock is still up over 105% year-to-date, rewarding long-term investors with significant gains despite recent volatility.

After riding a wave of gains that nearly pushed his stake past the $1 billion mark, Hitesh Anadkat—Malawi’s richest man and a key figure in its banking sector—has seen the value of his holdings in FMB Capital Holdings fall sharply. A recent dip in the company’s share price on the Malawi Stock Exchange has shaved $183 million off his investment.

From record highs to a $183 million loss

Anadkat, who holds a 45.32 percent stake in FMB Capital, owns roughly 1.11 billion shares in the financial group, making him its largest shareholder. Known for playing a major role in shaping the country’s financial services industry, his fortunes have long been tied to FMB’s performance.

Over the last 48 days, the value of his stake has fallen by MWK317.13 billion ($183 million), bringing it down from MWK1.59 trillion ($916.58 million) to MWK1.27 trillion ($733.64 million). The drop follows a period of intense selling pressure on the Malawi Stock Exchange that has affected several leading companies.

This loss comes on the heels of an impressive run earlier this year. Between January 1 and March 1, the value of Anadkat’s stake had soared by more than $549 million — from MWK618.38 billion ($356.82 million) to MWK1.57 trillion ($906.17 million) — thanks to a sharp rise in FMB Capital’s share price.

FMB Capital pulls back after rapid rise

FMB Capital Holdings, based in Port Louis, Mauritius, operates in five countries across Southern Africa, including Malawi, Zimbabwe, and Mozambique. With a market capitalization of MWK2.81 trillion ($1.62 billion), it’s currently the most valuable company listed on the MSE.

But following a record-breaking climb, FMB Capital’s share price has begun to retreat. Over the past seven weeks, shares have slipped by nearly 20 percent — from MWK1,426.1 ($0.8226) on March 11 to MWK1,141.47 ($0.6584). That decline has impacted shareholders across the board, including Anadkat, whose net worth has taken a noticeable hit.

Despite the drop, Anadkat remains one of the most influential business figures in Malawi and retains a dominant stake in FMB Capital. The recent correction in share price, while significant, doesn’t erase the company’s overall gains in 2025.

Year-to-date gains still impressive

Even with the recent pullback, FMB Capital’s stock remains one of the best performers on the exchange this year. Its year-to-date return stands at 105.67 percent, placing it among the top gainers on the MSE.

A put $100,000 into FMB Capital at the start of 2025 would now have more than doubled in value— with the stake now worth roughly $205,670, a sign that, despite short-term fluctuations, the company continues to offer strong returns for those willing to ride out the ups and downs.