Greek multimillionaire businessman John Coumantaros, the chairman of Flour Mills of Nigeria Plc (Flour Mills), has witnessed a notable upsurge 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 increased by N12.86 billion ($13.4 million) – spurred by mounting investor interest in the consumer goods company – signifying a significant upswing in his fortunes on the Nigerian Exchange (NGX).
Flour Mills surges by 15 percent on NGX, pushing market cap above $160 million
Flour Mills, established in 1960 by the late George Coumantaros and led by his son John Coumantaros, has established itself as a top 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 NGX have risen by 15 percent in recent times, rising from N33.05 ($0.0345) on Jan. 1 to N38 ($0.0397) at the time of drafting this report. This surge caused the market cap of the food and agro-allied group to surpass the $160-million mark.
Coumantaros’ stake in Flour Mills skyrocket above $100 million
Coumantaros, the chairman of Flour Mills also ranked as one of the richest investors on the NGX, holds a substantial 63.34-percent stake in Flour Mills.
Since the beginning of the year, his stake in Flour Mills has increased by N12.86 billion ($13.43 million) since Jan. 1, rising from N85.84 billion ($89.65 million) to N98.7 billion ($103.08 million) at the time of drafting this report.
The surge in Coumantaros’ stake not only solidifies his status as a top investor on the NGX but also enhances his position among the country’s top business figures. Meanwhile, the recent surge in Flour Mills shares highlights its leading role in the Nigerian food and agro-allied industries, making it an appealing choice for investors seeking significant returns.