Banks not be able to shoulder the debt burden
… amid renewed liquidity concerns
Tuesday, October 14, 2008
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"My net worth is
around $4 to $5 billion"
A tale is often told of
Manshas reaction to the successful sale by MCB of $150
million-worth of global depositary receipts on the London Stock
Exchange in October 2006. Nishat Group having become the first
Pakistani corporate to sell GDRs on the main London bourse,
some younger MCB executives took the attitude: "Weve done
well, got the offering away, so now its time to
An official who was present says
Mansha quickly squashed the idea. "I heard him tell his young
bloods: All weve done is to sell some paper
now we need to prove to our shareholders that we know what to
do with it.
Mian Mansha owns one of the best banks in Asia but his
ambitions reach much further. His empire incorporates
insurance, cement, textiles, infrastructure and power
generation. In his first-ever interview with the foreign media,
he tells Elliot Wilson of his plans to list his holding company
on the London Stock Exchange within the next two years, and
expand across Asia into the Middle East, emerging Europe and
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