Greek multimillionaire businessman John Coumantaros, the chairman of Flour Mills of Nigeria Plc, has experienced a setback in the market value of his stake in Flour Mills.
After a significant increase in the value of his stake, the recent pullback in the company’s shares has resulted in a loss of millions of dollars for Coumantaros.
According to data tracked by Billionaires.Africa, the decline in Coumantaros’ stake in Flour Mills amounts to N14.15 billion ($30.47 million) due to profit booking activities on the Nigerian Exchange, which has caused the company’s share price to drop by more than 15 percent.
With a market capitalization of N121 billion ($260.5 million), Flour Mills of Nigeria is the market leader in flour and flour-product marketing and production in Nigeria, as well as one of the country’s largest consumer goods companies listed on the Nigerian Exchange.
Coumantaros controls 63.34 percent of the agro-allied group through Excelsior Shipping Company Limited.
Despite the recent setback, his significant stake in the company positions him to continue to play a significant role in the group’s growth and development.
Over the last 44 days, the market value of Coumantaros’ stake in Flour Mills has fallen by N14.15 billion ($30.47 million), falling from N90.78 billion ($195.43 million) on Feb. 27 to N76.62 billion ($164.95 million) on April 12.
This is a result of a 15.6-percent decline in the company’s stock price, which fell from N34.95 ($0.0752) to N29.5 ($0.0635), causing significant losses for shareholders.
The decrease in the market value of his stake follows a $25-million increase in his equity holdings from N73.76 billion ($160.2 million) to N85.58 billion ($185.9 million) in previous weeks.
Despite the recent decrease, Coumantaros’ 63.34-percent stake in the agro-allied group is up by over $6 million since the start of the year, further establishing his position as one of the wealthiest investors on the Nigerian Exchange.