Greek businessman John Coumantaros, chairman of Flour Mills of Nigeria Plc (Flour Mills), has seen his share in the agro-allied conglomerate fall below $70 million as a result of recent losses totaling millions of dollars.
Since February 6, the market value of Coumantaros’ interest in Flour Mills has dropped by N12.47 billion ($8.7 million), falling below the $70-million level at the time of writing.
Flour Mills of Nigeria, founded in 1960 by the late George Coumantaros and now led by his son John Coumantaros, has established itself as a major player in the Nigerian food and agro-allied industries.
Leveraging its tradition, the company has grown significantly throughout the years. Coumantaros, one of the wealthiest investors on the Nigerian Exchange, owns 63.34 percent of the publicly traded agro-allied firm.
Flour Mills’ share price on the Nigerian Exchange has dropped by 11.29 percent, from N42.5 ($0.029) on Feb. 6 to N37.70 ($0.026), bringing the group’s market capitalization below $110 million.
The recent decline in Flour Mills’ share price has reduced shareholder value, resulting in huge losses for Coumantaros. Since February 6, Coumantaros’ ownership in the top agro-allied firm has fallen by N12.47 billion ($8.70 million), from N110.38 billion ($77.06 million) to N97.91 billion ($68.36 million).
Despite the drop in the market value of his Flour Mills holding, Coumantaros remains one of the Nigerian Exchange’s wealthiest investors. He is also a prominent player in the African food and agro-related businesses.
