Greek multimillionaire businessman John Coumantaros, chairman of Flour Mills of Nigeria Plc (Flour Mills), has seen his stake’s market value increase significantly as the share price of the major food and agro-allied company on the Nigerian Exchange (NGX) has risen.
Coumantaros’ stake has increased by N19.47 billion ($13.25 million) in the last 18 days. This demonstrates increased investor interest in Flour Mills of Nigeria and represents Coumantaros’ comeback from recent financial difficulties.
Previously, his interest in Flour Mills decreased by N8.57 billion ($6.9 million) between April 12 and 24, from N87.74 billion ($70.74 million) to N79.18 billion ($63.83 million).
Flour Mills of Nigeria, founded in 1960 by the late George Coumantaros and now run by his son, John Coumantaros, has established itself as a dominant player in Nigeria’s food and agro-allied industries. Building on this tradition, the company has expanded significantly throughout the years.
The company’s shares on the NGX have grown 24.59 percent in the last 18 days, from N30.50 ($0.021) on April 30 to N38.00 ($0.026), bringing its market value above $105 million and generating considerable benefits to owners.
John Coumantaros, chairman of the biggest food and agro-allied business, owns 63.34 percent of the group. The shareholding has increased by N19.47 billion ($13.25 million) in the last 18 days, from N79.17 billion ($53.87 million) to N98.64 billion ($67.12 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.
