Table of Contents
Key Points
- John Coumantaros’ stake in Flour Mills of Nigeria has risen by $11.12 million in 67 days, driven by a surge in share price.
- Flour Mills’ shares surged 17.89% from June 7 to August 13, pushing market capitalization above $115 million.
- Despite strong local gains, currency fluctuations led to a 24.79% loss in dollar terms for Flour Mills’ shares year-to-date.
John Coumantaros, the Greek multimillionaire and chairman of Flour Mills of Nigeria Plc, has experienced a remarkable rise in the market value of his stake in the renowned food and agro-allied conglomerate.
According to recent data from Billionaires.Africa, Coumantaros’ stake has risen by N17.67 billion ($11.12 million), driven by a surge in investor interest in the consumer goods company. This follows a notable gain of $12.98 million recorded between June 7 and June 19, where his stake grew from N98.7 billion ($66.2 million) to N111.68 billion ($74.92 million).
Share price surge spurs significant gains
Flour Mills, established in 1960 by the late George Coumantaros and led by his son John Coumantaros, has 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 Nigerian Exchange (NGX) witnessed an impressive 17.89-percent surge, rising from N38 ($0.024) on June 7 to N44.8 ($0.028) at the time of drafting this report — this surge has propelled its market capitalization above $115 million.
John Coumantaros’ stake grows amid market rally
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.
As a result of the recent surge in the group share price, Coumantaros’ stake in FirstRand has increased by N17.67 billion ($11.12 million) in the last 67 days, rising from N98.72 billion ($62.13 million) on June 7 to 116.39 billion ($73.24 million).
Your Money and Your Life
Despite Flour Mills’ strong performance on the NGX, with a 35.55 percent year-to-date gain in local currency terms, the appreciation of the Nigerian naira against the U.S. dollar has negated these gains.
In dollar terms, the shares have experienced a 24.79 percent loss. An investment of $100,000 in Flour Mills shares at the beginning of the year would now be worth $75,210, reflecting a loss of $24,790 due to currency fluctuations.
