Mian Muhammad Mansha (Pakistani Business Tycoon)

Mian Muhammad Mansha is a Pakistani business magnate and billionaire. He

is the founder and CEO of the Lahore-based international Accumulate Nishat
Group. Mian Mansha and some of his immediate family members are among
the richest and highest tax-paying individuals in Pakistan.
In 2017, his name appeared in the Paradise Papers having a link to offshore
companies. As of July 2019, he had an estimated net worth of US$3.8 billion
according to Wealth-X.
In the 1930s, Mian Mansha's family had migrated to 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.
Mian Mansha was born in Faisalabad to a wealthy Khoja Vohra family. He did
his early schooling at Sacred Heart Convent, Faisalabad, and later
joined Hendon College, London for higher studies in business administration.
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. 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 in 2013. Apart from making large acquisitions, he was
simultaneously expanding his Nishat Textiles segment. Nishat Textiles Mills is
Pakistan's largest fabric manufacturing mills.
After 1979, Mian 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.
Mansha's conglomerate benefited greatly from the privatisation drive by the
governments of the 1990s. During this period, he made several acquisitions and
buy-outs, including engineering at least one hostile takeover. When the dust
settled, Mian 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 D. G. Khan Cement Factory for the
Nishat Group. While going through these large acquisitions, he was
simultaneously expanding his Nishat Textiles segment, Nishat Textile Mills is
Pakistan's largest fabric manufacturing company.
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.
Mian 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 seaports.
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.
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.
Submitted by
Hina Arain
MBAE/2k20/06