Kenyan billionaire Rasik Kantaria’s stake in FMB Capital Holdings Plc has fallen below the $1 billion mark, just weeks after he became Kenya’s first dollar billionaire.
The decline is attributed to a cooling of FMB Capital’s shares, which had surged in November 2025, reaching an all-time high of MWK3,646.98 ($2.1) per share.
The share price has since declined to MWK3,125 ($1.8), trimming FMB Capital’s market cap to $4.43 billion. Kantaria’s indirect 21.36% stake, held through Prime Bank Limited and Prime Capital Holdings, is now valued at MWK1.64 trillion ($946 million).
FMB Capital, co-founded by Kantaria in 1995, has grown into a regional banking powerhouse with operations in Malawi, Mozambique, Zimbabwe, Zambia, and Botswana.
Despite the recent market pressure, the underlying performance of the business remains strong, with a 42% return on average equity over the trailing 12 months.
The pullback in FMB Capital’s shares has been attributed to investors reassessing the pace of gains and awaiting fresh financial disclosures. Kantaria’s journey to becoming a billionaire is a testament to his consistent strategy and disciplined expansion, transforming a small venture into a major financial success.
