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Greek multimillionaire businessman John Coumantaros, the chairman of Flour Mills of Nigeria Plc (Flour Mills), has seen a notable boost in the market value of his stake, driven by a rise in the share price of the leading food and agro-allied company on the Nigerian Exchange (NGX).
According to data tracked by Billionaires.Africa, Coumantaros’ stake has surged by N19.47 billion ($13.25 million) over the past 18 days. This reflects heightened investor interest in Flour Mills of Nigeria and marks a recovery from recent financial losses for Coumantaros.
Earlier, his stake in Flour Mills had declined by N8.57 billion ($6.9 million) between April 12 and 24, dropping from N87.74 billion ($70.74 million) to N79.18 billion ($63.83 million).
Flour Mills shares surge by over 24 percent
Flour Mills of Nigeria, established in 1960 by the late George Coumantaros and led by his son, John Coumantaros, has firmly 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 24.59 percent over the past 18 days, from N30.50 ($0.021) on April 30 to N38.00 ($0.026), boosting its market capitalization above $105 million and delivering significant gains for shareholders.
Flour Mills’ market value boosts Coumantaros’ stake to $67 million
John Coumantaros, chairman of the leading food and agro-allied conglomerate, holds a 63.34-percent stake in the grouo. The stake has soared by N19.47 billion ($13.25 million) over the past 18 days, rising from N79.17 billion ($53.87 million) to N98.64 billion ($67.12 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.
