Mian Muhammad Mansha
Mian Muhammad Mansha
|Born||1947 (age 71–72)|
|Alma mater||The University of Punjab|
|Occupation||Chairman of MCB Bank Chairman of Nishat Textile Mills|
|Net worth||US$2.7 billion (Wealth-X, July 2019)|
Mian Muhammad Mansha (Urdu: میاں محمد منشاء) is a Pakistani business magnate and billionaire. He is the founder and CEO of the Lahore-based international conglomerate Nishat Group. Mansha is the richest and highest tax-paying individual in Pakistan . His name appeared in Paradise Papers in November 2017 having a link to offshore companies. As of July 2019[update], he had an estimated net worth of US$2.7 billion according to Wealth-X.
Early life and career
In the 1930s, the Mansha family had migrated to Bengal from Punjab. After 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. Mansha was born in Lahore to a wealthy Chinioti Punjabi family, his privileged upbringing allowed him to enjoy an early business education at the University of Punjab in Lahore. Although his childhood was spent in Faisalabad from where he also started his career as one of the most prominent industrialists of Pakistan. Nishat Textiles Mills was started in 1951 by his father and uncles. 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. He was worth US$2.5 billion till 2013. Apart from making large acquisitions, he was simultaneously expanding his Nishat Textiles segment. Nishat Textiles Mills is Pakistan's largest fabric manufacturing mills.
Mansha's conglomerate greatly benefited from the privatisation drive by the governments 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. Nishat Mills also acquired two thermal plants near its DG Khan Cement Plants 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 plants would ensure uninterrupted power supply to D. G. Khan Cement Plants for the Nishat Group. While going through these large acquisitions, he was simultaneously expanding his Nishat Textiles segment, Nishat Textiles Mills is Pakistan's largest fabric manufacturing mills.
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. Under Mansha's watch, MCB Bank has demonstrated execution and growth and which has made it one of the premier financial service management teams in the Indian subcontinent. Today, MCB Bank is one of the top 4 banks in the country and leads in terms of market capitalisation with a massive employee base of roughly 18,000.
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.
MCB Bank, in 2008, started a partnership with Maybank of Malaysia. Maybank now has a 20% share in MCB Bank. 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. He was selected for a special Lunch with the UK Financial Times newspaper. According to Forbes listings in 2010, he was the 937th richest person in the world and the richest person in Pakistan.
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.
Criticism of his lifestyle
D.G. Khan Cement Company, which is part of Mansha's Nishat Group, was once the target of violence by local people living near the factory. The issue is still in Court and not resolved but started production after increasing security around the plant.
Mian Muhammad Mansha has never met U.S. businessman Warren Buffett but is one of his admirers. He sometimes seeks advice from the U.S. 'vulture investor' Carl Icahn who once advised him to stay away from investing in airlines, and therefore, Mansha says he has no interest in buying out Pakistan International Airlines, if it is privatised by the government in the future. Carl Icahn's advice was coloured by his bad experience with the now defunct Trans World Airlines. Carl Icahn reportedly told him, "In good times, the unions take away the profits, and in bad times, the cost of oil kills you." Mansha sometimes goes over to India and has business meetings there with other fellow billionaires like Sunil Mittal.
Nishat Linen employs men and women in its factories who work together on the assembly line stitching garments that are sold to brands including Gap and Tommy Hilfiger, they eat their lunch in separate canteens.
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 Sitara-e-Imtiaz civil award by President of Pakistan Pervez Musharraf on 23 March 2004. One of Mansha's companies, Nishat Textile Mills Limited, is the largest exporting entity in Pakistan. Mansha is also Sheikh and regularly leads Dhikr prayer in evenings.
Personal wealth or net worth
Mansha was named richest Pakistani in 2008 by Daily Pakistan with net worth of US$2.5 billion equivalent to Rs 200 billion at that time.. In March 2010, Mansha was the first Pakistani making it to the Forbes billionaires list.
Nishat Group holdings
- Nishat Textile Mills and Nishat Linen supplies bedding to hotel chains worldwide
- Nishat Group owns the domestic charter plane service Pakistan Aviators & Aviation Ltd.
- Nishat Group also owns the Mayfair, London-based St James's Hotel and Club.
- Muslim Commercial Bank
- Emporium Mall
- Nishat Chunian Group
- Adamjee Insurance Company (largest insurer in Pakistan, formerly held by the Adamjee Group)
- Nishat Power (Nishat Power Plants to generate and supply electric power in Pakistan)
- DG Khan Cement Company
- Hyundai Nishat (Nishat group is preparing to launch Hyundai cars by 2018 in a joint venture)
- Henny Sender (10 August 2012). "Lunch with the FT: Mian Muhammad Mansha". Profile on Financial Times newspaper. Retrieved 2 July 2017.
- "Mian Muhammad Mansha - Wealth-X Dossier".
- Optimism, appetite of a billionaire, Dawn (Pakistan), Published 14 October 2013. Retrieved 3 July 2017
- "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.
- Dilawar Hussain (15 December 2009). "Nishat Mills to acquire two thermal plants". Dawn. Retrieved 2 July 2017.
- "Maybank gets approval for investment in MCB". The Nation newspaper. 21 May 2008. Retrieved 2 July 2017.
- "Two Nishat power plants to start this year". Dawn. 9 August 2009. Archived from the original on 17 February 2010. Retrieved 2 July 2017.
- "Past Chairmen APTMA". APTMA. 3 May 2010. Retrieved 2 May 2010.
- "Awards for civilians announced". Dawn. Pakistan. 14 August 2003. Retrieved 12 September 2018.
- "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.