Afrigather John Coumantaros’ stake in Flour Mills of Nigeria Plc has surged to almost $75 million, marking a significant improve within the Lagos-based businessman’s wealth.
The shares of Flour Mills have climbed 13.16% on the Nigerian Trade, lifting the corporate’s market capitalization to over $115 million, pushed by constant investor curiosity.
Lagos-based Greek multimillionaire businessman John Coumantaros, chairman of Flour Mills of Nigeria Plc, has skilled a notable enhance out there worth of his holdings.
Based on knowledge from Business Elites Africa, Coumantaros’ stake elevated by N12.98 billion ($8.71 million) in simply 11 days, propelled by a strong rise within the firm’s share worth on the Nigerian Trade (NGX).
This progress streak extends from late April to late Could, throughout which Coumantaros’ funding in Flour Mills rose from N86.93 billion ($58.66 million) to N108.31 billion ($66.97 million), a $14.42 million increment.
Based in 1960 by the late George Coumantaros, and at present led by his son John, Flour Mills of Nigeria has emerged as a major entity in Nigeria’s meals and agro-allied sectors. The corporate has expanded considerably, bolstering its legacy.
The corporate’s shares escalated from N38 ($0.025) on June 7 to N43 ($0.029) on the time of this report, pushing the market capitalization above $115 million.
Coumantaros’ Monetary Affect
John Coumantaros, holding a 63.34-percent stake in Flour Mills, is acknowledged as one of many wealthiest buyers on the Nigerian Trade.
His holdings, which have elevated by N12.98 billion ($8.71 million) since June 7—from N98.7 billion ($66.2 million) to N111.68 billion ($74.92 million)—cement his standing as a distinguished enterprise determine on the NGX.
Whereas Flour Mills has delivered spectacular returns in native foreign money, amounting to a 30.11 p.c improve this yr, the devaluation of the Nigerian naira towards the U.S. greenback has mitigated these beneficial properties, resulting in a 21 p.c year-to-date loss for buyers.
As an example, a $100,000 funding within the firm firstly of the yr would now be price $79,040, reflecting a $20,960 loss because of the impression of foreign money depreciation.
