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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 N21.82 billion ($24.5 million) in just over a week as wary investors offload their shares in the consumer goods company.
The recent slump comes after Coumantaros recorded a significant uptick of $13.4 million between Jan. 1 and Jan. 13, when the market value of his stake in Flour Mills surged from N85.84 billion ($89.65 million) to N98.7 billion ($103.08 million).
Market fluctuations impact Flour Mills’ shareholders
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.
In recent times, Flour Mills’ shares on the Nigerian Exchange have declined by 17.7 percent, declining from N47.4 ($0.0532) on Jan. 17 to N39 ($0.0438), resulting in losses amounting to millions of dollars to its shareholders.
Coumantaros’ stake in Flour Mills drops below $115 million
Coumantaros, Flour Mills chairman and majority shareholder, faced significant losses as the company’s shares took a recent hit on the Nigerian Exchange. Holding a 63.34-percent stake — a total of 2,597,314,890 shares — his losses amounted to millions of dollars.
As a result, Coumantaros’ stake in Flour Mills dropped by N21.82 billion ($24.5 million), falling from N123.11 billion ($138.34 million) on Jan. 17 to N101.29 billion ($113.8 million) at the time of drafting this report.
Despite the decline in the market value of his Flour Mills stake, Coumantaros remains a prominent figure among the wealthiest investors on the Nigerian Exchange.
