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Greek businessman John Coumantaros, the chairman of Flour Mills of Nigeria Plc (Flour Mills), has seen his stake in the agro-allied group dip below $70 million due to recent losses amounting to millions of dollars.
According to market data tracked by Billionaires.Africa, the market value of Coumantaros’ stake in Flour Mills has slumped by N12.47 billion ($8.7 million) since Feb. 6, dipping below the $70-million mark at the time of drafting this report.
Flour Mills’ market cap on the Nigerian Exchange dips below $110 million
Flour Mills of Nigeria, founded in 1960 by the late George Coumantaros and presently helmed by his son John Coumantaros, has solidified its position as a key player in the Nigerian food and agro-allied sectors.
Leveraging its legacy, the business has experienced substantial growth over the years. Coumantaros, recognized as one of the wealthiest investors on the Nigerian Exchange, holds a 63.34-percent stake in the publicly listed agro-allied group.
In recent weeks, Flour Mills shares on the Nigerian Exchange have witnessed an 11.29-percent decline, falling from N42.5 ($0.029) on Feb. 6 to N37.70 ($0.026) — pushing the group’s market capitalization below the $110-million mark.
Market downturn pushes John Coumantaros’ stake in Flour Mills below $70 million
The recent downturn in Flour Mills’ share price has adversely impacted shareholder value, resulting in significant losses for Coumantaros. Since Feb. 6, the market value of Coumantaros’ stake in the leading agro-allied group has plunged by N12.47 billion ($8.70 million), decreasing from N110.38 billion ($77.06 million) to N97.91 billion ($68.36 million).
Despite the decline in the market value of his stake in Flour Mills, Coumantaros retains his spot as one of the wealthiest investors on the Nigerian Exchange. He also remains a leading figure in the African foods and agro-allied industries.
