Mian Muhammad Mansha (Urdu: میاں محمد منشاء) is a Pakistani business magnate who is the current chairman of MCB Bank. His family owns Nishat Group.[2] Mansha and some of his immediate family members are among the highest tax-paying individuals in Pakistan.[2]
Mian Muhammad Mansha | |
|---|---|
| Born | 1941 (age 82–83)[1] |
| Nationality | Pakistani |
| Occupation | Businessman |
| Spouse | Naz Mansha |
Mansha owns some of the most expensive houses in Europe, including the St. Georges Hill gated estate in London.[3]
Early life and career
editIn the 1930s, Mansha's family had migrated to Kolkata, Bengal from Punjab. After the 1947 Partition of British India, the family returned to Punjab, Pakistan. Mian Muhammad Mansha's father started a cotton ginning business which later became the Nishat Textile Mills.[1]
Mansha was born in Chiniot 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
editHe 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.[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, MCB Bank Limited or better known as Muslim Commercial Bank. Competing with several other bidders in a privatisation process, there were several challenges to overcome, but ultimately he persevered.[2]
Mansha has proceeded to venture into new terrain, executing deals with state-owned WAPDA (Water and Power Development Authority) to sell its excess electric 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.[8]
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 MCB Bank 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 Nishat Group also owns an automobile leasing company in Kazakhstan. Further plans include major infrastructure projects in Pakistan, such as the construction of electric power plants based on coal-powered generation of electricity and sea ports.[10]
Achievements and recognition
editMansha was awarded the Sitara-e-Imtiaz civil award by President of Pakistan Pervez Musharraf on 23 March 2004.[11]
Mansha is also a member of the board of directors at the Atlantic Council.[12]
Wealth
editIn March 2010, Mansha was the first Pakistani making it to the Forbes billionaires list.[5]
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
editReferences
edit- ^ a b c d 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.
- ^ "GE signs Digital Power Plant agreements with Lalpir Power in Pakistan". 10 October 2016.
- ^ "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.