John Coumantaros, a Lagos-based Greek multimillionaire businessman, has earned substantial profits from his shares in Flour Mills of Nigeria Plc, one of the country's top food conglomerates. This comes as investors reacted positively to a proposed minority buyout plan by his private company, Excelsior Shipping Company.
According to data from Billionaires.Africa, Coumantaros, who is the chairman of Flour Mills and holds a 63 stake equivalent to 2,597,314,890 shares, has seen the market value of his holdings rise by N125.84 billion 30.27 million year-to-date. This increase reflects growing investor confidence, driven by the company's strong financial performance and the recent approval of the buyout proposal.
Flour Mills of Nigeria, founded in 1960 by George Coumantaros, has become a leading force in the food and agro-allied industry. Under John Coumantaros' leadership, the company has sustained its strong market presence while adapting to changing economic conditions.
The company's stock on the Nigerian Exchange NGX has surged by 146.6 since the beginning of the year, rising from N33.05 on January 1 to N81.5. After accounting for the devaluation of the naira, this growth represents a 30.8 increase in dollar terms, with shares climbing from 0.37 to 0.49.
As a result, the value of Coumantaros' stake has increased by N125.84 billion 30.27 million, from N97.36 billion 97.36 million to N211.68 billion 127.6 million year-to-date. The companys market capitalization now exceeds 180 million.
