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Greek multimillionaire businessman John Coumantaros’ stake in Flour Mills of Nigeria Plc has increased by N5.97 billion ($14.03 million) in the past nine days, as shares in the Nigerian agro-allied company increased by single digits amid renewed buying interest.
Flour Mills of Nigeria is a leading food and agro-allied group in Nigeria.
Coumantaros, the chairman of Flour Mills and one of Nigeria’s wealthiest investors, owns 63.34 percent of the agro-allied group through Excelsior Shipping Company Limited.
Since its inception in 1960, the company has grown into a major player in Nigeria by combining market-leading offerings such as grain-based foods, sugar, and breakfast cereals with Honeywell’s diverse and differentiated range of carbohydrates.
At the time of writing, shares in Flour Mills were trading at N29.3 ($0.0688), bringing the agro-allied firm’s market capitalization above N120 billion ($281.8 million).
Since Aug. 29, Flour Mills’ shares have risen in value by 8.5 percent from N27 ($0.0634) per share to N29.3 ($0.068) per share at the time of drafting this report.
Coumantaros’ stake in the company has increased by N5.97 billion ($14.03 million) as a result of the recent surge in the company’s shares, from N70.13 billion ($164.7 million) nine days ago to N76.1 billion ($178.74 million).
Aside from the recent increase in the market value of his stake in the past nine days, the leading businessman is set to receive a dividend of N5.58 billion ($13.45 million) from his stake in Flour Mills on Sept. 8.
The dividend will be paid out of the company’s retained earnings of N111.1 billion ($267.5 million) at the end of its fiscal year in 2022.
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