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Greek multimillionaire businessman John Coumantaros, the 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.
According to data tracked by Billionaires.Africa, Coumantaros’ stake in the Lagos-based group has surged by N8.05 billion ($10.5 million) in the past 53 days as investors continue to increase their stakes in the consumer goods company, driving its shares up by more than 10 percent.
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.
John Coumantaros ranked as one of the richest investors on the Nigerian Exchange, owns a 63.34-percent stake in Flour Mills.
In the past 53 days, Flour Mills shares on the Nigerian Exchange have surged by 10.51 percent from N29.50 ($0.038) on August 8 to N32.60 (0.042) at the time of writing this report.
This upward trend has resulted in significant gains for shareholders, including Coumantaros, who owns a substantial stake in the company.
Thanks to this recent upswing, Coumantaros’s stake in Flour Mills has appreciated by N8.05 billion ($10.5 million) since Aug. 8, increasing his holdings from N76.62 billion ($99.44 million) to N84.67 billion ($109.89 million) at the time of writing this report.
The surge in Coumantaros’ stake cements his position as one of the wealthiest investors on the Nigerian Exchange.
However, Flour Mills’ financial performance underscores its prominence in the Nigerian food and agro-allied industries, making it an attractive proposition for investors seeking substantial returns.
