Malawian tycoon Thom Mpinganjira has seen a significant increase in his wealth, with the market value of his stake in FDH Bank surpassing $210 million. This solidifies his position as one of Malawi's richest individuals, amid a buoyant performance in the bank's stock.
According to data tracked by Billionaires.Africa , Mpinganjira's stake in FDH Bank has surged by MWK56.12 billion ($32.6 million) in the past 18 days. This increase is attributed to a sustained rise in FDH Bank's share price on the Malawi Stock Exchange (MSE).
This recent uptick follows an earlier gain of $32.41 million between July 1 and 18 , during which the value of his stake grew from MWK 238.85 billion ($137.68 million) to MWK 295.08 billion ($170.09 million).
FDH Bank's market cap surges above $520 millionFDH Bank, a cornerstone of Malawi's financial sector, operates under FDH Financial Holdings. It offers a broad spectrum of services including banking, investment management, and advisory services. Founded by Mpinganjira in April 2002, FDH Bank has expanded its reach across Malawi, operating 53 branches and 91 ATMs across all 27 districts as of 2020.
