Kenyan investor and banker Rasik Kantaria has seen the value of his stake in FMB Capital Holdings Plc suffer a sharp drop, three months after crossing a historic $1 billion threshold in 2025, as the lender’s shares continue to retreat on the Malawi Stock Exchange.

Kantaria’s stake slipped significantly by more than $135 million below the $1 billion mark, underscoring how quickly market sentiment can shift even after a landmark run.

Kantaria controls a 21.36 percent stake in the regional banking group, equivalent to about 525 million shares. Over the past 38 trading days, the market value of his holdings has fallen by MWK236.19 billion, or about $136.49 million. That decline has cut the value of his stake to roughly MWK1.44 trillion($833.72 million), down from about MWK1.68 trillion ($970.21 million).

Year-to-date comparison
Kantaria, who became Kenya’s first dollar billionaire on paper in late 2025, rode a surge in shares of the Mauritius-based financial services group on the Malawi Stock Exchange to that milestone.

The rally has since cooled, trimming his fortune as investors reassess the sustainability of the gains and await fresh financial disclosures.

FMB Capital’s shares have dropped more than 14% in just 52 days, which equals 38 trading days, slipping from MWK3,197.86 ($1.84) on Jan. 1 to MWK2,747.98 ($1.58) by the close of the market on Friday, Feb. 20. The pullback has trimmed the bank’s market capitalization to MWK6.76 trillion ($3.9 billion).

Regional expansion remains intact
FMB Capital’s story remains one of measured expansion across Southern Africa. Founded more than 30 years ago as a small commercial bank in Blantyre, the group has steadily grown beyond Malawi’s borders.

Today, it operates in Mozambique, Zimbabwe, Zambia and Botswana, building a diversified footprint that has shielded earnings from single-market risk.

This reach is a key strength, allowing the bank to tap faster-growing markets while maintaining a strong base at home. It has also benefited from improved governance standards and tighter cost controls over the years, factors that have supported long-term investor confidence.