Greek multimillionaire businessman John Coumantaros, the chairman of Flour Mills of Nigeria Plc, has suffered losses amounting to millions of dollars over the last 68 days due to the decline in the shares of his agro-allied company on the Nigerian Exchange (NGX).
According to data tracked by Billionaires.Africa, Coumantaros’ stake in the Lagos-based group has declined by N14.55 billion ($18.9 million) in the past 68 days as investors continue to reduce their stakes in the consumer goods company, causing its shares to drop by more than 15 percent.
With a market capitalization of N121 billion ($157.3 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, trailing Abdul Samad Rabiu’s unified food conglomerate, BUA Foods Plc.
Coumantaros, a Greek business magnate among the richest industrialists on the Nigerian Exchange, owns a 63.34-percent stake in Flour Mills of Nigeria Plc through Excelsior Shipping Company Limited.Â
Over the last 68 days, the market value of his stake in Flour Mills has fallen by N14.55 billion ($18.92 million), from N91.19 billion ($118.61 million) on June 1 to N76.64 billion ($99.69 million) at the time of writing.
The 18.9-million plunge in his stake is a result of a 15.95-percent decline in Flour Mills shares on the Nigerian Exchange, from N35.10 ($0.04566) to N29.5 ($0.0384), causing significant losses for shareholders.
Despite the decline in the market value of his shares, Coumantaros remains one of the wealthiest investors on the Nigerian Exchange thanks to his 64.34-percent stake in the leading group. His position as a major shareholder remains substantial, reinforcing his reputation as one of the leading titans in Nigeria’s industrial sector.
