Mian Muhammad Mansha

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Mian Muhammad Mansha
Born 1952
Lahore, Punjab, Pakistan
Residence Lahore, Punjab Pakistan
Citizenship Pakistan
Alma mater University of the Punjab
Occupation Chairman and CEO Nishat Group, MCB Bank Limited
Net worth Increase United States $1 billion (2013)(Forbes estimate)
Website [1]

Mian Muhammad Mansha (Urdu: میاں محمد منشاء‎) is a prominent Pakistani industrialist and entrepreneur who is officially the Number 1 richest man in the country. According to Forbes listings in 2010, he was the 937th richest person in the world. He is the chairman and CEO of the Nishat Group.

He is the only Pakistani ever selected for a special Lunch with the UK Financial Times.[1]

Personal life

Mian Muhammad Mansha was born in Lahore to a wealthy Chinioti family, his privileged upbringing allowed him to enjoy an early business education in University of Punjab. His childhood was spent in Faisalabad from where he also started his career as one of the most prominent industrialist of Pakistan. His textile mill in Faisalabad under the name of Nishat Mills still is one of the biggest textile units in Faisalabad. He formally joined the family business after completing his studies in London. He has balance of worth US$2.5 billion till 2013 [2] Apart from these large acquisitions, he was simultaneously expanding his Nishat Textiles segment, Nishat Textiles is Pakistan's largest fabric mill.[3]

Business growth

Mansha's conglomerate greatly benefited from the privatization drive of the 1990s. Through this period, he made a number of acquisitions and buy-outs, including engineering at least one hostile takeover. When the dust settled, Mansha had acquired a controlling position in Adamjee Group, the country's largest non-life insurer, and D.G. Khan Cement, previously owned by the Saigol family. While going through these large acquisitions, he was simultaneously expanding his Nishat Textiles segment, Nishat Textiles is Pakistan's largest fabric mill.[4]

But all these achievements, perhaps, play third fiddle to Mansha's master-stroke: the acquisition of one of Pakistan's most profitable banks, MCB Bank Limited. Competing with several other bidders in a privatization process, there were several challenges to overcome, but ultimately he persevered. Under Mansha's watch, MCB has demonstrated execution and growth and which has made it one of the premier financial service management teams in the Indian subcontinent.

Mansha has proceeded to venture into new terrain, executing deals with state-owned WAPDA (Water and Power Distribution Authority) to sell excess power capacity generated at Nishat's various power stations. This led to the founding of Nishat Power, which is now a growing business with Mansha's son playing a senior role in the company's executive board.

MCB in 2008 started a partnership with Maybank of Malaysia. Maybank now has a 20% share in MCB.[5]

The general perception is that MCB was privatised to Mansha and his associates because of Mansha's social connections with Nawaz Sharif. However, Mansha feels that investing in the shares of Muslim Commercial Bank (MCB) has been one of his biggest business slip ups. The reason for privatising MCB remains a mystery. Nawaz Sharif came into power on 6 November 1990, he invited bids for the privatization of Muslim Commercial Bank (MCB) on 15 December 1990 and subsequently announced its privatization to successful bidder: Messrs Abdullah & Co on 9 January 1991.

Plans

With $700 million in cash from MCB and another $300 million raised from international markets, Mansha has aspirations of acquiring an established bank in Indonesia and possibly even in the Middle East. MCB Bank already has international operations, and the Mansha group also owns an automobile leasing company in Kazakhstan. Further plans include major infrastructure projects in Pakistan, such as the construction of power plants and sea ports.[6]

Criticism

In 2004, Mansha's group and his preferred candidate were defeated by a margin of two votes in the All Pakistan Textile Mills Association (APTMA). Mansha subsequently resigned from APTMA.[7]

According to his first interview to a foreign magazine, Mian Mansha stated that, "my net worth is about $4–5 billion."[8] Indeed, there have been claims by many circles in Pakistan that the closely held group has a total capitalisation of nearly US$10 Billion (Rs. 990 billion).[9] However, due to a mix of private and public companies in the group, it is not possible to accurately arrive at a definitive capitalization of sea ports.

D.G. Khan cement, which is part of Mansha's Nishat Group, was once the target of violence by local people living near the factory. The issue was eventually resolved by discussions and increased security around the plant.[10]

Achievements

Mian Mohammad Mansha is currently on the board of 46 companies in Pakistan and is one of the most powerful and influential people in the country. He was awarded the Sitara-e-Imtiaz civil award by President Musharraf on 23 March 2004. One of Mansha's companies, Nishat Mills Limited, is the largest exporting entity in Pakistan.[11]

In March 2010, Mian Mohammad Mansha became the first Pakistani ever to make it to the Forbes rich list. Forbes valued Mansha as the World's 937th richest person, with the net worth of $1.0 Billion.

Other businesses

Mansha owns the domestic charter plane service Pakistan Aviators & Aviation Ltd.[12]

He also owns the Mayfair, London-based St James's Hotel and Club.[13]

See also

References

  1. ↑ http://www.ft.com/cms/s/2/8653d82e-e146-11e1-9c72-00144feab49a.html#axzz2m3wNUOTV
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