Mian Muhammad Mansha
Mian Muhammad Mansha | |
---|---|
Born | 1941 (age 82–83)[1] |
Citizenship | Pakistan |
Occupation | Chairman of Nishat Group |
Spouse | Naz Mansha |
Mian Muhammad Mansha (
Mansha owns some of the most expensive houses in Europe, including at the St. Georges Hill gated estate in London.[3]
Early life and career
In the 1930s, Mansha's family had migrated to
Mansha was born in Faisalabad to a wealthy family. He did his early schooling at Sacred Heart Convent, Faisalabad, and later joined Hendon College, London[4] for higher studies in business administration.
Career
He started his career as one of the most prominent industrialists of Pakistan. Nishat Textiles Mills was started in 1951 by his father and uncles.[5] His father died one year after he returned from London after finishing his studies there in 1968. Mian Muhammad Mansha joined the family business in 1969 and eventually he split with his uncles and took over the family business.[1][5] He was worth US$2.5 billion in 2013.[6] Apart from making large acquisitions, he was simultaneously expanding his Nishat Textiles segment. Nishat Textiles Mills is Pakistan's largest fabric manufacturing mills.[7]
After 1979, Mansha set up Pakistan's largest textile complex of seven factories in Nishatabad in the city of Faisalabad. In later years, another textile complex followed in Chunian near Lahore.[2]
Mansha's conglomerate benefited greatly from the privatisation drive by the governments of the 1990s. During 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 Insurance, the country's largest non-life insurer. Nishat Mills also acquired two thermal power plants near its D. G. Khan Cement Factory located in Dera Ghazi Khan District, Punjab, previously owned by the Saigol family. Business analysts in Pakistan reportedly said that the acquisition of two thermal power plants would ensure uninterrupted power supply to Dera Ismail Khan Cement Factory for the Nishat Group.[7] While going through these large acquisitions, he was simultaneously expanding his Nishat Textiles segment, Nishat Textile Mills is Pakistan's largest fabric manufacturing company.[7]
But all these achievements, perhaps, play third fiddle to Mansha's master-stroke: the acquisition of one of Pakistan's most profitable banks,
Mansha has proceeded to venture into new terrain, executing deals with state-owned WAPDA (
MCB Bank, in 2008, started a partnership with Maybank of Malaysia. Maybank now has a 20% share in MCB Bank.[9] In 2009, Mian Muhammad Mansha, chairman of MCB Bank, said that his efforts were successful in continuing to bring foreign investment to Pakistan and that his bank had already brought 970 million U.S. dollars' investment into the country from Malaysia following a deal with May Bank, Malaysia.[10] He was selected for a special Lunch with the UK Financial Times newspaper.[1] According to Forbes listings in 2010, he was the 937th richest person in the world and the richest person in Pakistan.[5]
With $700 million in cash from
Achievements and awards
Mansha is currently on the board of various prominent institutes in Pakistan and is one of the most powerful and influential people in the country. He was awarded the
Mansha is also a member of the board of directors at the Atlantic Council.[12]
Personal wealth
Mansha was named richest Pakistani in 2008 by
Mansha owns red Mercedes E-class, Jaguar convertible, a Porsche turbo, a BMW 750, a Range Rover, and a Volkswagen, besides a turboprop plane and an eight-seater jet.[4]
See also
- Muslim Commercial Bank
- List of Pakistanis by net worth
References
- ^ a b c d e Henny Sender (10 August 2012). "Lunch with the FT: Mian Muhammad Mansha". Profile on Financial Times newspaper. Retrieved 2 July 2017.
- ^ a b c d Optimism, appetite of a billionaire, Dawn (Pakistan), Published 14 October 2013. Retrieved 3 July 2017
- ^ "Surrey's most expensive streets where two Beatles once lived". 30 December 2022.
- ^ a b "The man behind Pakistan's biggest conglomerate". www.fortuneindia.com. 3 January 2018.
- ^ a b c d "The World's Billionaires: #937 Mian Muhammad Mansha's Profile". Forbes. 3 October 2010.. Retrieved 2 July 2017
- ^ Yoolim Lee and Naween A. Mangi (2 December 2008). "Pakistan's Richest Man Defies Terrorism to Expand Bank Empire". Bloomberg. Retrieved 2 May 2010.
- ^ a b c Dilawar Hussain (15 December 2009). "Nishat Mills to acquire two thermal plants". Dawn. Retrieved 2 July 2017.
- ^ https://thepeninsulaqatar.com/article/10/10/2016/GE-signs-Digital-Power-Plant-agreements-with-Lalpir-Power-in-Pakistan
- ^ "Maybank gets approval for investment in MCB". The Nation newspaper. 21 May 2008. Retrieved 2 July 2017.
- ^ a b "Two Nishat power plants to start this year". Dawn. 9 August 2009. Archived from the original on 17 February 2010. Retrieved 2 July 2017.
- ^ "Awards for civilians announced". Dawn. Pakistan. 14 August 2003. Retrieved 12 September 2018.
- ^ "Board of Directors". Atlantic Council. Retrieved 12 February 2020.
- ^ "President Asif Ali Zardari 2nd most Richest man of Pakistan". Daily Pakistan. 26 October 2008. Archived from the original on 13 January 2012. Retrieved 5 August 2017.