Greek businessman John Coumantaros, chairman of Flour Mills of Nigeria Plc, has seen a considerable drop in the market value of his interest in the company. This drop is directly related to the decrease in Flour Mills’ share price on the Nigerian Exchange (NGX).
Coumantaros’ holding in the Lagos-based group has fallen by N8.57 billion ($6.91 million) in the last 12 days, as investors sell off their shares in the biggest consumer products company.
Coumantaros’ stake increased by $12.5 million between March 5 and April 9, contrasting with the recent fall. During this time, the market value of his Flour Mills stock increased from N81.19 billion ($62.62 million) to N97.43 billion ($75.14 million).
Flour Mills of Nigeria, founded in 1960 and directed by the late George Coumantaros and his son John, has established itself as a major participant in Nigeria’s food and agro-related businesses. Building on this tradition, the company has expanded significantly throughout the years.
The group’s shares on the Nigerian Exchange have fallen 9.76 percent, from N33.8 ($0.027) on April 12 to N30.5 ($0.025) as of this writing. This has reduced the company’s market capitalization to below $105 million, resulting in severe losses for its owners, notably Coumantaros.
Coumantaros, the chairman and largest stakeholder of Flour Mills, suffered enormous losses as the company’s shares fell on the Nigerian Exchange. With a 63.34 percent interest — a total of 2,597,314,890 shares — his losses were millions of dollars.
The market value of Coumantaros’ share in Flour Mills has recently declined by N8.57 billion ($6.91 million), from N87.74 billion ($70.74 million) on April 12 to N79.18 billion ($63.83 million) at the time of writing.
