Greek multimillionaire businessman John Coumantaros, chairman of Flour Mills of Nigeria Plc, has experienced a substantial boost in the market value of his stake in the renowned food and agro-allied group.
After enduring a setback that saw his investment in Flour Mills decline by $30 million, the Greek multimillionaire businessman has witnessed an impressive surge, recording an increase of N4.15 billion ($8.94 million) in recent times.
Flour Mills of Nigeria, established in 1960 and led by the late George Coumantaros and his son John, has firmly established itself as a significant player in the Nigerian food and agro-allied industries. Building on this legacy, the business has grown considerably over the years.
Coumantaros, ranked as one of Nigeria’s wealthiest businesspeople, holds a 63.34-percent stake in Flour Mills, making him one of the most affluent investors on the Nigerian Exchange.
In the past 37 days alone, Flour Mills shares on the local bourse have surged 5.4 percent, propelling the group’s market capitalization closer to the N130 billion ($280 million) mark.
This surge in Flour Mills shares has directly impacted the market value of Coumantaros’ 63.34-percent stake in the food and agro-allied group.
In the past 37 days, the market value of his stake in the group has soared by N4.15 billion ($8.94 million) from N76.62 billion ($164.77 million) on April 17 to N80.78 billion ($173.71 million) at the time of drafting this report.
The positive trajectory of Flour Mills shares and the significant growth in Coumantaros’ stake further solidify his position as a key player and investor in Nigeria’s thriving food and agro-allied industry.
As Flour Mills’ operation continues to expand and maintain its growth momentum, John Coumantaros’ wealth is set to climb even higher, cementing his status as one of the country’s most successful and respected businesspeople