The Lagos-based billionaire John Coumantaros’ stake in Flour Mills of Nigeria Plc has increased to approximately $75 million, significantly increasing his wealth.
Flour Mills’ shares have risen 13.16% on the Nigerian Exchange, bringing the company’s market valuation to more than $115 million, owing to persistent investor demand.
Greek multimillionaire businessman John Coumantaros, chairman of Flour Mills of Nigeria Plc, has seen his holdings’ market value increase significantly.
According to data, Coumantaros’ stake climbed by N12.98 billion ($8.71 million) in just 11 days, owing to a strong jump in the company’s share price on the Nigerian Exchange.
From late April to late May, Coumantaros’ investment in Flour Mills increased from N86.93 billion ($58.66 million) to N108.31 billion ($66.97 million), representing a $14.42 million increase.
Flour Mills of Nigeria, founded in 1960 by the late George Coumantaros and now run by his son John, has established itself as a major player in Nigeria’s food and agro-allied industries. The company has grown tremendously, strengthening its legacy.
The company’s share price increased from N38 ($0.025) on June 7 to N43 ($0.029) at the time of this publication, bringing the market value above $115 million.
John Coumantaros, who owns 63.34 percent of Flour Mills, is one of the Nigerian Exchange’s wealthiest investors.
His assets, which have risen by N12.98 billion ($8.71 million) since June 7—from N98.7 billion ($66.2 million) to N111.68 billion ($74.92 million)—solidify his position as a key business player on the NGX.
While Flour Mills has provided strong returns in local currency, with a 30.11 percent growth this year, the Nigerian naira’s depreciation against the US dollar has offset these gains, resulting in a 21 percent year-to-date loss for investors.
For example, a $100,000 investment in the company at the start of the year is now worth $79,040, resulting in a $20,960 loss owing to currency depreciation.
