Lilongwe, MALAWI – Malawian billionaires Thom Mpinganjira and Hitesh Anadkat saw the value of their holdings in listed banking companies fall by a combined US$134 million during the third quarter of 2026, according to wealth publication Billionaires.Africa.
The decline was driven by falling share prices of FDH Bank Plc and FMB Capital Holdings Plc on the Malawi Stock Exchange (MSE).
The publication reports that Mpinganjira holds about 2.81 billion FDH Bank shares, representing roughly 41 percent of the lender, through FDH Financial Holdings. FDH Bank’s share price fell by 8.9 percent, from K512.97 on July 1 to K467.51 on September 28. As a result, the value of his stake declined from about US$823.2 million to US$750.3 million.
Billionaires.Africa said: “The Malawian kwacha was stable at about 1,751 per dollar, so both losses reflect falling share prices alone.”
Anadkat, meanwhile, recorded an estimated US$61 million decline in the value of his FMB Capital Holdings stake.
He owns 1,114,939,081 shares in FMB Capital, making him the company’s largest shareholder. The company’s share price fell by 5.1 percent during the quarter, from K1,895.81 to K1,800, reducing the value of his holding from approximately US$1.21 billion to US$1.15 billion, according to Billionaires.Africa.
Despite the decline in its share price, FDH Bank reported strong financial results for the first half of 2026. The bank’s post-tax profit increased by 43 percent to K86.42 billion, while revenue rose by 55 percent to K221.43 billion in the six months to June 30.
The bank also completed the acquisition of a 98.87 percent stake in Ecobank Mozambique, expanding FDH’s operations beyond Malawi.
FMB Capital Holdings, which is based in Mauritius, owns First Capital Bank, with operations in Malawi, Zambia, Botswana, Mozambique and Zimbabwe. Anadkat established the business in Malawi in 1995 as First Merchant Bank.
Billionaires.Africa further reports that FMB Capital shares dropped by 7.6 percent in a single trading session on September 4, reaching K1,750.31 before recovering some of the losses later in the month.
Another FMB co-founder, Rasik Kantaria, also saw the value of his investment fall. His 525 million FMB Capital shares declined by approximately US$28.7 million during the quarter, according to the publication.
The latest figures come after Billionaires.Africa previously identified Anadkat and Mpinganjira among the largest individual holders of listed shares on the Malawi Stock Exchange, with their fortunes heavily tied to the performance of FMB Capital and FDH Bank respectively.