Greek multimillionaire billionaire John Coumantaros, chairman of Flour Mills of Nigeria Plc (Flour Mills), has seen his investment in the major food and agro-allied company recover significantly in market value.
Coumantaros’ shareholding has increased by N16.24 billion ($12.52 million) in the last 35 days. This surge demonstrates increased investor interest in FMN and highlights Coumantaros’ recovery from recent financial difficulties.
Coumantaros already faced a big setback.Between January 17 and 31, the market value of his Flour Mills stock fell from N123.11 billion ($138.34 million) to N101.29 billion ($113.8 million), resulting in a loss of $24.5 million.
Flour Mills of Nigeria Plc, founded in 1960 by the late George Coumantaros and now run by his son John Coumantaros, has become a major participant in Nigeria’s food and agro-allied industries. Building on its rich history, the company has expanded significantly throughout the years.
The company’s shares on the Nigerian Exchange have increased by 20% in the last 35 days, from N31.25 ($0.024) on March 5 to N37.50 ($0.029). This surge has pushed the food and agriculture conglomerate’s market capitalization closer to $120 million.
John Coumantaros, chairman of Flour Mills of Nigeria Plc, a significant food and agro-allied conglomerate, owns a 63.34 percent share in the company. The shareholding has increased by N16.23 billion ($62.62 million) in the last 35 days, from N81.19 billion ($62.62 million) to N97.43 billion ($75.14 million).
The increase in the market value of Coumantaros’ interest in Flour Mills solidifies his position as a top investor on the Nigerian Exchange and emphasizes his importance in the country’s corporate scene.
