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Mansha in Forbes list of richest
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TFD Report
KARACHI: The country's business tycoon, Mian Mohammad Mansha has entered in the Forbes magazine's list of world's richest persons. Mansha stood at 937th position and is the first Pakistani ever to feature in the ratings. As per Forbes, Mian Mohammad Mansha, Chairman MCB Bank, has net worth of $1.6 billion, which helped him enter the list. Forbes released Wednesday a list of the top billionaires in the world, Mian Mansha became the first Pakistani to achieve the glory.
Mansha's Nishat Group is the country's largest exporter of cotton clothes (for brands like Gap) and nation's largest private employer. It also invests in power projects, cement and insurance. Mansha won a controversial bid for Muslim Commercial Bank during the country's privatisation push in 1991 and sold 57 per cent of his MCB shares for $900 million in May 2008 to Malaysia's Maybank, he had big plans for the resulting $896 million cash windfall. Chief among them was taking his Nishat Group conglomerate of textile, cement and insurance interests public on the London Stock Exchange. Mansha had reason to be confident. In addition to his tidy cash pile, the value of his public portfolio held through Nishat Group unofficially granted him the title of Pakistan's first billionaire.
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