Hitesh Anadkat, Malawi’s richest man and a major shareholder in Southern Africa’s banking sector, has seen more than $500 million wiped from the market value of his stake in FMB Capital Holdings Plc as the lender’s shares continue to decline on the Malawi Stock Exchange.

Anadkat, who co-founded FMB Capital, owns a controlling 45.35% stake in the regional banking group, equivalent to about 1.11 billion shares.

Data tracked by Shore.Africa shows that the market value of his holdings has fallen by MWK903.87 billion ($521.36 million), over the past four months. His stake is now valued at about MWK2.11 trillion ($1.22 billion), down from MWK3.02 trillion ($1.74 billion).

The latest decline follows a $297 million drop recorded in March. At the start of the year, Anadkat’s stake was valued at about MWK3.56 trillion ($2.05 billion). By March 25, it had fallen to MWK3.05 trillion ($1.76 billion).

FMB shares retreat

FMB Capital’s shares have fallen almost 30% in the past 125 days, dropping from MWK2,706.94 ($1.56) on April 9 to MWK1,895.71 ($1.09) at the time of reporting. The decline has reduced FMB Capital’s market value to about MWK4.66 trillion ($2.69 billion), after the stock enjoyed a strong run in 2025.

The recent selloff comes as investors reassess valuations across the Malawi Stock Exchange, while companies and consumers continue to face pressure from foreign-currency shortages, inflation and wider economic challenges in the region.

The fall in FMB’s share price has come despite strong financial results. For the year ended Dec. 31, 2025, the bank reported a 42% increase in full-year profit to $152.29 million from $103.52 million a year earlier.

Operating income rose to $385.48 million, while assets increased 23% to $2.54 billion from $2.07 billion. Equity also climbed to $425.72 million.

Regional banking expansion

FMB Capital was co-founded by Anadkat and Rasik Kantaria in Blantyre, Malawi. The company has since grown from a local banking business into a regional financial group headquartered in Mauritius, with operations in Mozambique, Zimbabwe, Zambia and Botswana.

The group has focused on lending, cost control and expanding its banking operations across Southern Africa. That growth has helped FMB build a larger earnings base and attract investors seeking exposure to the region’s financial sector.

Anadkat remains one of the company’s most influential shareholders. His interest, held through Premier Capital (Mauritius) Ltd., Magni Holdings Ltd. and personal and family entities, gives him significant influence over the group’s ownership and governance.

FMB moves ahead with Mauritius Bank

The billionaire’s position could become even more important as FMB expands in Mauritius.

In June and July 2026, FMB Capital Holdings received in-principle approval from the Bank of Mauritius to establish a new commercial bank in the country. The proposed bank will be a 50:50 joint venture with Rogers Global Financial Holdings Ltd.

The approval is still subject to the completion of conditions set by the Bank of Mauritius. FMB Capital has been updating shareholders through cautionary announcements on the Malawi Stock Exchange.

For Anadkat, the falling share price has sharply reduced the paper value of his investment. But his position as FMB Capital’s largest shareholder means the fortunes of the billionaire and the banking group remain closely linked.