Greek multimillionaire businessman John Coumantaros, the chairman of Flour Mills of Nigeria Plc, has experienced a substantial increase 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 group has surged by N7.01 billion ($8.49 million) over the past 8 days due to increased investor interest in the consumer goods company, leading to a surge in the group’s shares on the Nigerian Exchange.
Flour Mills surges by nearly 9 percent, market cap surpasses $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 witnessed an impressive 8.91-percent surge, rising from N30.3 ($0.0367) on Dec. 13 to N33 ($0.0400) at the time of drafting this report — this surge has propelled its market capitalization above $160 million.
Coumantaros’s stake in Flour Mills soars above $100 million
Coumantaros, one of the Nigerian Exchange’s wealthiest investors, holds a 63.34-percent stake in the company.
Since Dec. 13, a recent market upswing has boosted the value of his stake by N7.012 billion ($8.49 million), pushing it from N78.69 billion ($95.33 million) to N85.71 billion ($103.82 million) as of today.
This substantial surge not only highlights Coumantaros’ astute financial positioning but also underscores Flour Mills of Nigeria’s growing prominence within the Nigerian economy.