John Coumantaros, chairman of Flour Mills of Nigeria Plc (Flour Mills), a Lagos-based Greek multimillionaire businessman, has seen his wealth increase by more than $17 million in the last nine days.
Coumantaros’ status as one of the richest investors on the Nigerian Exchange (NGX) has improved due to increasing investor interest in Flour Mills.
According to records, Coumantaros boosted their interest in Flour Mills by N24.23 billion ($17.1 million) between April 30 and May 9.
In April, his holding’s market value fell from N87.74 billion ($70.74 million) to N79.18 billion ($63.83 million), resulting in a $6.9 million loss.
Flour Mills, founded in 1960 by the late George Coumantaros and currently run by his son John Coumantaros, has established itself as a prominent participant in Nigeria’s food and agro-allied industries. The company has grown significantly over the years, strengthening its place in the field.
Flour Mills’ shares on the NGX have increased by 27.87 percent in the last nine days, from N30.50 ($0.0215) on April 30 to N39.00 ($0.0275) at the time of this publication.
This spike has pushed the conglomerate’s market capitalization past $110 million, resulting in significant gains for stockholders.
As chairman, John Coumantaros owns 63.34 percent of Flour Mills. This shareholding has increased by N24.23 billion ($17.10 million) in the last nine days, rising from N86.93 billion ($61.36 million) to N111.16 billion ($78.46 million).
The recent increase in Flour Mills’ share price, as well as Coumantaros’ ownership, solidifies his position as a prominent NGX investor, underlining his importance in Nigeria’s corporate environment.
