Greek multimillionaire businessman John Coumantaros, the chairman of Flour Mills of Nigeria Plc (Flour Mills), has seen a notable recovery in the market value of his stake in the leading food and agro-allied company.
According to data tracked by Billionaires.Africa, Coumantaros’ stake has increased by N16.24 billion ($12.52 million) over the past 35 days. This upswing reflects heightened investor interest in FMN and underscores a reversal of recent financial losses for Coumantaros.
Previously, Coumantaros experienced a significant setback. Between Jan. 17 and 31, the market value of his stake in Flour Mills plummeted from N123.11 billion ($138.34 million) to N101.29 billion ($113.8 million), resulting in losses of $24.5 million.
Flour Mills shares surge by 20 percent
Flour Mills of Nigeria Plc, founded in 1960 by the late George Coumantaros and currently led by his son John Coumantaros, has become a top player in the Nigerian food and agro-allied industries. Building on its rich history, the business has grown considerably over the years.
The company’s shares on the Nigerian Exchange have risen by 20 percent over the past 35 days, from N31.25 ($0.024) on March 5 to N37.50 ($0.029). This rally has propelled the market capitalization of the food and agro-allied conglomerate toward the $120 million milestone.
John Coumantaros’ Flour Mills stake hits $75 million
John Coumantaros, chairman of Flour Mills of Nigeria Plc, a leading food and agro-allied conglomerate, holds a 63.34 percent stake in the company. The stake has grown by N16.23 billion ($62.62 million) over the past 35 days, rising from N81.19 billion ($62.62 million) to N97.43 billion ($75.14 million).
The rise in the market value of Coumantaros’ stake in Flour Mills cements his position as a top investor on the Nigerian Exchange and underscores his prominence in the country’s business landscape.
