Greek multimillionaire businessman John Coumantaros has experienced a notable decrease in his stake in Flour Mills of Nigeria Plc, a prominent food and agro-allied group in the West African region.
Over the past 24 days, his stake in the company has decreased by N2.6 billion ($3.35 million), further exacerbating the losses he suffered due to the devaluation of the local currency in June.
The recent $3.3-million slump in Coumantaros’ fortune can be attributed to the decline in the group’s share price on the Nigerian Exchange, as local investors continue to reduce their stakes in the consumer goods company.
Flour Mills, established in 1960, has earned a reputation as a leading player in the Nigerian food and agro-allied industry, thanks to the visionary leadership of the late George Coumantaros and his son, John Coumantaros, who presently serves as the chairman of the company.
With a 63.34-percent stake in Flour Mills, Coumantaros is one of Nigeria’s most successful and respected business leaders.
However, since June 17, the company’s share price has witnessed a decline from N35 ($0.0456) to N34 ($0.04) as of July 10, resulting in significant losses for shareholders and bringing the group’s market capitalization below $180 million.
Consequently, Coumantaros’ stake in Flour Mills has decreased by N2.6 billion ($3.35 million) from N90.91 billion ($118.74 million) on June 16 to N88.31 billion ($115.35 million) at the time of writing, due to the recent slump in the group’s share price.
Despite the decline in the market value of his stake in Flour Mills, Coumantaros remains one of the wealthiest investors on the Nigerian Exchange, thanks to his 64.34-percent stake in the leading group.Â
As Flour Mills continues its growth and expansion, Coumantaros’ position as a major shareholder remains substantial, reinforcing his reputation as a successful business figure in Nigeria.
