John Coumantaros, the Greek multimillionaire and chairman of Flour Mills of Nigeria Plc, has experienced a remarkable rise in the market value of his stake in the renowned food and agro-allied conglomerate.
According to recent data from Billionaires.Africa , Coumantaros' stake has risen by N17.67 billion ($11.12 million), driven by a surge in investor interest in the consumer goods company. This follows a notable gain of $12.98 million recorded between June 7 and June 19 , where his stake grew from N98.7 billion ($66.2 million) to N111.68 billion ($74.92 million).
Share price surge spurs significant gainsFlour Mills, established in 1960 by the late George Coumantaros and led by his son John Coumantaros, has established itself as a top player in the Nigerian food and agro-allied industries. Building on this legacy, the business has grown considerably over the years.
The company's shares on the Nigerian Exchange (NGX) witnessed an impressive 17.89-percent surge, rising from N38 ($0.024) on June 7 to N44.8 ($0.028) at the time of drafting this report - this surge has propelled its market capitalization above $115 million.
