Greek businessman John Coumantaros, the chairman of Flour Mills of Nigeria Plc (Flour Mills), has witnessed a decline in his stake in the agro-allied group, falling below $70 million due to recent losses amounting to millions of dollars.
Market data from Billionaires.Africa indicates that the market value of Coumantaros’ stake in Flour Mills has dropped by N12.47 billion ($8.7 million) since Feb. 6, reaching below the $70-million threshold at the time of compiling this report.
The Market cap of Flour Mills on the Nigerian Exchange has fallen below $110 million
Flour Mills of Nigeria, established in 1960 by the late George Coumantaros and currently led by his son John Coumantaros, has solidified its position as a major player in the Nigerian food and agro-allied sectors.
Building on its rich legacy, the company has achieved significant growth over the years. John Coumantaros, acknowledged as one of the wealthiest investors on the Nigerian Exchange, holds a 63.34% stake in the publicly listed agro-allied group.
However, in recent weeks, Flour Mills’ shares on the Nigerian Exchange have experienced an 11.29% decline, dropping from N42.5 ($0.029) on Feb. 6 to N37.70 ($0.026). This decline has resulted in the group’s market capitalization slipping below the $110-million mark.
The recent decline in Flour Mills’ share price has had a detrimental effect on shareholder value, leading to significant losses for Coumantaros. Since Feb. 6, the market value of Coumantaros’ stake in the prominent agro-allied group has plummeted by N12.47 billion ($8.70 million), decreasing from N110.38 billion ($77.06 million) to N97.91 billion ($68.36 million).
Despite the decrease in the market value of his stake in Flour Mills, Coumantaros continues to maintain his position as one of the wealthiest investors on the Nigerian Exchange. He remains a prominent figure in the African foods and agro-allied industries.