Greek multimillionaire businessman John Coumantaros, the chairman of Flour Mills of Nigeria Plc, has recorded a remarkable increase in the market value of his stake in the renowned food and agro-allied group in recent times.
According to data tracked by Billionaires.Africa, Coumantaros’ stake in the group has surged by N7.53 billion ($9.4 million), spurred by mounting investor interest in the consumer goods company, marking a significant upswing in his fortunes on the Nigerian Exchange.
Flour Mills surges by 10 percent on NGX, market cap exceeds $160 million
Flour Mills of Nigeria, established in 1960 by the late George Coumantaros and led by 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.
The company’s shares on the Nigerian Exchange have increased by 10 percent from N29 ($0.0361) on Oct. 27 to N31.90 ($0.0397) at the time of drafting this report. This has caused the market capitalization of the food and agro-allied group to soar above $160 million.
Coumantaros’s stake in Flour Mills surges above $100 million
Coumantaros, the chairman of Flour Mills of Nigeria also ranked as one of the richest investors on the Nigerian Exchange, owns a 63.34-percent stake in Flour Mills.
In recent times, Coumantaros’ stake in Flour Mills of Nigeria has increased by N7.53 billion ($9.4 million) since Oct. 27, from N75.32 billion ($93.84 million) to N82.85 billion ($103.23 million) at the time of drafting this report.
Coumantaros’ rising stake not only cements his standing as a financial powerhouse on the Nigerian Exchange, but also reinforces his stature among the leading business figures in the country.