Greek businessman John Coumantaros, the chairman of Flour Mills of Nigeria Plc, has witnessed a substantial decline in the market value of his stake in Flour Mills, due to the decline in the share price of the agro-allied company on the Nigerian Exchange (NGX).
According to data tracked by Billionaires.Africa, Coumantaros’ stake in the Lagos-based group has decreased by N8.05 billion ($10.04 million) over the past 26 days as investors continue to offload their shares in the consumer goods company.
This comes after Coumantaros recorded a significant uptick of $10.5 million between Aug. 8 and Oct. 1, when the market value of his stake in Flour Mills surged from N76.62 billion ($99.44 million) to N84.67 billion ($109.89 million).
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, one of the richest investors on the Nigerian Exchange, holds a 63.34-percent stake in Flour Mills of Nigeria.
In recent times, Flour Mills’ shares on the Nigerian Exchange have dropped by 9.51 percent, declining from N32.60 ($0.0406) on October 1 to N29.50 ($0.0368), resulting in losses amounting to millions of dollars to its shareholders.
Consequently, Coumantaros’s stake in Flour Mills has decreased by N8.05 billion ($10.04 million), falling from N84.67 billion ($105.56) on October 1 to N76.62 billion ($95.53 million) at the time of writing.
Despite the decrease in the market value of his stake in Flour Mills, Coumantaros continues to hold a prominent position as one of the wealthiest investors on the Nigerian Exchange.