Greek tycoon John Coumantaros loses $6.9 million from Flour Mills stake

Mfonobong Nsehe -

Greek businessman John Coumantaros, the chairman of Flour Mills of Nigeria Plc, has recently experienced a significant downturn in the market value of his stake in Flour Mills. This drop is directly linked to the decrease in the share price of Flour Mills on the Nigerian Exchange (NGX).

According to data tracked by Billionaires.Africa, Coumantaros’ stake in the Lagos-based group has declined by N8.57 billion ($6.91 million) over the past 12 days as investors cautiously sell off their shares in the leading consumer goods group.

This decline contrasts with a notable increase of $12.5 million in Coumantaros’ stake between March 5 and April 9. During this period, the market value of his stake in Flour Mills rose from N81.19 billion ($62.62 million) to N97.43 billion ($75.14 million).

Flour Mills drop 9.76 percent

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.

The group’s shares on the Nigerian Exchange have experienced a decline of 9.76 percent, dropping from N33.8 ($0.027) on April 12 to N30.5 ($0.025) as of report writing. This has pushed the company’s market capitalization below $105 million, resulting in significant losses for its shareholders including Coumantaros.

Coumantaros’ Stake in Flour Mills dips below $65 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.

In recent times, the market value of Coumantaros’ stake in Flour Mills has decreased by N8.57 billion ($6.91 million), falling from N87.74 billion ($70.74 million) on April 12 to N79.18 billion ($63.83 million) at the time of drafting this report.