- Mian Muhammad Mansha
-
Mian Mohammed Mansha Born 1 December 1947
Chiniot, PakistanResidence Lahore, Pakistan Nationality 
PakistaniCitizenship PakistanAlma mater University of the Punjab Occupation Chairman and CEO Nishat Group, MCB Bank Limited Net worth 
US$ 2 billion (2011)[1]Religion Muslim Spouse Naz Saigol Children Mian Raza Mansha
Mian Umer Mansha
Mian Hassan ManshaWebsite [1] Mian Muhammad Mansha (Urdu: میاں محمد منشاء) is a prominent Pakistani industrialist and landowner who is officially the richest man in the country and is the first Pakistani to be featured on the Forbes list of billionaires.[2]
Contents
Personal life
Mian Muhammad Mansha was born in Rawalpindi to a wealthy Chinioti family, his privileged upbringing allowed him to enjoy an early business education at an elite university. 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.[3]
Mr Mansha has catapulted to the top of Pakistan's richest families from the 15th position in 1970 and 6th in 1990 because of combination of factors such as his marriage to Naz, who is part of Saigol dynasty. Mian Muhammad Mansha has a preference for only the finest tailor made clothing from London. He is often seen donning hand-stitched garments from Savile Row. When visiting London his other favourite boutiques include Gucci, Chanel and Harrods.[4]
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.[5]
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 has also recently started a partnership with Maybank of Malaysia. Maybank now has a 25% share in MCB.[6]
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 November 6, 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.
The stories from the past suggest that five bids were received for Muslim Commercial Bank with ‘Tawakkals’ and ‘Adamjee’ being the highest and second highest bidders respectively. Adamjee, who formed a joint venture with Yunus Brothers, perhaps the biggest Export Houses in Pakistan, had incorporated Muslim Commercial Bank in 1949. As previous owner, they had the first right of purchase, but third lowest bid by Messers Abdullah and others, a consortium of twelve leading industrialists, mostly from the Punjab. Mian Muhammad Mansha was asked to match the highest bid and was declared the winner. The consortium which called itself the National Group consisted of many industrial groups and their associated families.[7]
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.[8]
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.[9]
According to his first interview to a foreign magazine, Mian Mansha stated that, "my net worth is about $4-5 billion."[10] 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. 800 billion).[11] 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.[12]
Achievements
Mian Mohammad Mansha is currently on the board of 45 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.[13]
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.[14]
He also owns the Mayfair based St James's Club and Hotel.[15]
References
- ^ "The World's Billionaires". Forbes. 3 March 2010. http://www.forbes.com/lists/2010/10/billionaires-2010_Mian-Muhammad-Mansha_SVAF.html. Retrieved 2 May 2010.
- ^ "Pakistan's richest man in his first foreign interview". Euromoney. October 14, 2008. http://www.euromoney.com/Article/2029382/Pakistans-richest-man-in-his-first-foreign-interview-Mian-Mansha-Nishat-group.html. Retrieved 2 May 2010.
- ^ Yoolim Lee and Naween A. Mangi (December 2, 2008). "Pakistan’s Richest Man Defies Terrorism to Expand Bank Empire". Bloomberg. http://www.bloomsberg.com/apps/news?pid=20670001&sid=aI3f99JIujV4. Retrieved 2 May 2010.
- ^ Talha Abbasi. "Mian Muhammad Mansha". Pakistani leaders online. http://www.pakistanileaders.com.pk/profile/Mian_Muhammad_Mansha. Retrieved 2 May 2010.
- ^ Dilawar Hussain (15th Dec 2009). "Nishat Mills to acquire two thermal plants". Dawn News Group. http://www.dawn.com/wps/wcm/connect/dawn-content-library/dawn/news/business/11-nishat-mills-to-acquire-two-thermal-plants--il--01. Retrieved 2 May 2010.
- ^ "Maybank raises stake in Pak's MCB". Financial Express. Aug 08, 2008. http://www.financialexpress.com/news/maybankraisesstakeinpaksmcbto20/346369/. Retrieved 2 May 2010.
- ^ Naveed Ahmed. "MCB Internship Report". MCB. http://www.scribd.com/doc/19445354/-MCB-Internship-Report. Retrieved 2 May 2010.
- ^ Staff Reporter (09 August 2009). "Two Nishat power plants to start this year". Dawn Media Group. http://www.dawn.com/wps/wcm/connect/dawn-content-library/dawn/the-newspaper/business/two-nishat-power-plants-to-start-this-year-989. Retrieved 2 May 2010.
- ^ APTMA (May 03 2010). "PAST CHAIRMEN APTMA". APTMA. http://www.aptma.org.pk/pastchairman.asp. Retrieved 2 May 2010.
- ^ "Pakistan's richest man in his first foreign interview". Euromoney. October 14, 2008. http://www.euromoney.com/Article/2029382/Pakistans-richest-man-in-his-first-foreign-interview-Mian-Mansha-Nishat-group.html. Retrieved 2 May 2010.
- ^ DG. Khan Cement Company Limited "Mian Muhammed Mansha". DG. Khan Cement Company Limited. http://www.dgcement.com/article.php?nCatId=113 DG. Khan Cement Company Limited. Retrieved 2 May 2010.
- ^ Yoolim Lee and Naween A. Mangi (December 2, 2008). "Pakistan’s Richest Man Defies Terrorism to Expand Bank Empire". Bloomberg. http://www.bloomsberg.com/apps/news?pid=20670001&sid=aI3f99JIujV4. Retrieved 2 May 2010.
- ^ Jang (June 30, 1999). "Nishat Mills Limited". Jang News. http://www.jang.com.pk/thenews/investors/apr2000/cc.htm. Retrieved 2 May 2010.
- ^ "Pakistan’s richest man expands bank empire". Business Times. 04 December 2008. http://www.btimes.com.my/Current_News/BTIMES/articles/20081203223317/Article/print_html. Retrieved 2 May 2010.
- ^ "The Year's Biggest Luxury Buys". Yahoo! Inc. July 18, 2011. http://finance.yahoo.com/banking-budgeting/article/111682/the-years-biggest-luxury-buys. Retrieved 2 May 2010.
See also
- Nishat Textiles
- Nishat Chunian Ltd
- Dera Ghazi Khan Cement Company
- Muslim Commercial Bank
- List of Pakistanis by net worth
Categories:- Living people
- Pakistani Muslims
- Pakistani businesspeople
- Pakistani billionaires
- 1947 births
- University of the Punjab alumni
- Pakistani chief executives
- Pakistani industrialists
- People from Chiniot District
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