Nishat
Nishat is Pakistan's biggest industrial and financial conglomerate controlling assets worth Rs 192 billion and its Chairman, Mian Mohammad Mansha Yahya represented on the board of 45 companies is undisputedly Pakistan's richest individual.
Mian Mansha has catapulated to the top of Pakistan's richest families from the 15th position in 1970 and 6th in 1990 because of combination of factors like his marriage to Naz, daughter of Yusuf Saigol, a lot of luck and bit of politics under Nawaz Sharif.
" Investing in the shares of Muslim Commercial Bank (MCB) has been one of my biggest business slip ups. In hind sight, I should have never invested in this bank", Mansha told Ayesha Haroon of daily, The Nation, Islamabad when asked to comment on the general perception that MCB was privatized to him and his associates because of his friendship with Nawaz Sharif.
Windmills of God work in strange ways. In 1948 when Mansha's father Mian Mohammad Yahya and his three brothers incorporated a partnership concern, it was called Nishat Corporation after Nishat Haroon, the three year old grandson of Mian Mohammad Yaqub, eldest of the four brothers. The child who gave his name to the group has disappered in thin air and Mian Mohammad Mansha, Chairman Nishat Group is today on top of Pakistan's corporate world, boastfully accustomed to buying his casual outfit from Harbe Frog on Bond Street, shoes enevitably from Gucci, cardigons and overcoates from Burbery's.
Mansha was the only son of Mian Mohammad Yahya whose death in 1968 forced him to give up studies in UK to return home since several of his cousins, Abdul Aziz, Aftab Iqbal and Mian Mohammad Farooq were already entrenched in the family business. Nishat Haroon was born to Mian Farooq who was married to the daughter of Mian Fazal Rehman of United Textiel Mills, Multan.
Like several other Chinioti businessmen, Mian Yahya had a leather business in Calcutta, India before moving to Pakistan in 1947 and it was perhaps in Calcutta that he developed friendship with Yusuf Saigol that led to the marriage of Mansha and Naz Saigol sometimes around 1970.
In 1970, Nishat comprised 6 units in West Paksitan, namely Nishat Corporation, Nishat Sarhad Textile, Nishat Textile Mills, Faisalabad, Nishat Chemical Industries and Nishat Agencies, Kotri and Karimi Industries, Nowshera.
The units in East Pakistan included Nishat Jute Mills, Qadaria Textile Mills, Tangail Cotton Mills and Chemical Industries of Pakistan. The business in East Pakistan was headed by Aftab Iqbal, one of several cousins of Mian Mansha whose where abouts are not known today.
It is popular saying among the present day residents of Chiniot that the goddess of wealth is in love with the Chiniotis. But Mansha is perhaps being loved by both the goddess of love and lady luck since he has narrowly escaped the misfortunes that were the lot of the bulk of Pakistani Industrialists in 1970.
When divisions of Nishat group assets took place in 1969, Mansha bargained for Nishat Mills at Faisalabad for which he had to pay an additional amounts to his uncles but this saved him from losses in East Pakitan that became the lot of his uncles. Karimi Industries, Nowshera of Nishat group was nationalized and its nationalization is cited to argue that Bhutto's nationalization was an act of victimizing the opponents because it was too small to be nationalized. But loss suffered in Karimi Industries also came to lot of his uncles.
" I have had many lucky breaks. Luck has always been on my side. New projects just crop up before I have stopped doing the old ones", Mansha told Mahmood Awan of daily The Nation in 1990.
Mansha's rise begin in 1991 when within six week of coming into power Nawaz Sharif sold MCB to National group of 12 leading industrial families headed by him. The formation of National group itself was big strategic stroke of Mian Mansha against future reprisal by any govt since it would instantly alienate 12 leading industrial families of Pakistan.
According to group profile, Nishat comprised of five companies with assets worth Rs 2,480 millions in 1990 with plans for four new companies. Listed comapnies included Nishat Mills, Omer Fabrics and Raza Textiles while the only unlisted company was General Stitching company. Mansha had said in interview with Mahmood Awan that "for long-term investments, he had his eyes set on the food processing industry" but the privatization of Nawaz Sharif opened new doors for him and his dream to venture into food processing industry has not materialized to date. Instead, Mansha, his relativess and business associates emerged as the biggest beneficiary of the privatization under taken by Nawaz Sharif, ending up with five cement factories and a bank. Mansha claimed in a talk over telephone with the author that MCB helped the Employee Buyout of Millat tractors from the Privatization Commission.
Nishat currently comprises of 21 companies including 13 listed companies with manufacturing assets of nearly 27 billion and three of Mansha's close relatives, Saigols, Jehangir Elahi and S M Saleem of United Bank among the top 45 industrial families in Pakistan. Mansha has a daughter and two sons.
Nishat Group Companies
S. No Name Assets Turn over in Million Rs.
1 Nishat Mills 9,236 6,748
2 Raza Textiles 302 421
3 Omer Fabrics 854 629
4 Nishat Chunian 910 663
5 Nishat Tek 986 236
6 General Stitiching 78 68
7 D G Khan Cement 7,775 1,547
8 Maple Leaf Cement 6,686 1,030
9 Nishat Fabrics - -
10 Gener Tech 963 225
Financial Assets
S. NO Name Assets
11 Muslim Commercial Bank 163,325
12 Fidelity Investment Bank 1,502
13 Fidelty Leasing 318
Total Financaial Assets 165,145
Unlisted Companies
1- Nishat Finishing Mills
2- Nishat Capital Management
3-Trust Management Services
4-Chunian Fibre
5-Nishat Europe
6-Newbery Mansha
7-Maple Leaf Electric Company
8-D G Khan Electric Company
The Saigols
Wealth by itself is a curse.
Yusuf Saigol, The Friday Times 20.5.93.
The Saigols moderately describe themselves as " an erstwhile family of traders " but they are Pakistan's Tatas and Birlas and have remained Pakistan's wealthiest industrial clan for last five decades despite the fluctuations in their fortunes and a brief interlude (1972-77) during which they tried their luck in Saudi Arabia.
" The first LC for a textile mills at the State Bank in independent Pakistan was opened for Kohinoor Textile Mills" set up at an esteemed cost of Rs 8 million in 1948, Nasim Saigol said in an interview with the author.
Amin Saigol, the founder of Saigol dynasty hailed from village Khotian, now Saigolabad in Jehlum and had migrated to Calcutta in 1890 where he started a shoe shop which led tho Bihar Rubber Works in 1938, later christened as Koh-i-Noor Rubber Works. It was one of the biggest rubber manufacturing concerns of pre-partitioned India.
Amin Saigol had four sons, of which three- Yusuf Saigol, Bashir Saigol and Sayed Saigol migrated to Pakistan in August 1947 but fourth Gul Saigol stayed back in India taking care of the leftover business until it was expropriated by Indian govt, as enemy property in the 1965 war.
The Saigols have grown with country, setting up factory after factory, industry after industry. Their biggest project was Kala Shah Kaku Chemical Complex near Lahore which comprised five units namely Kohinoor Rayan Ltd, United Chemicals, Insecticides (Pakistan) Ltd, Kohinoor Oil Mills Ltd and Kohinoor Engineering Ltd. Starting with a textile mills in 1947, in less than two decades, they had their fingers in almost every business in Pakistan ranging from chemicals, synthetic fibres, cooking oil, sugar, engineering, construction and banking.
The Saigols launched United Bank in 1959 and when nationalized in 1974 it had 668 domestic and 31 overseas branches. All the five units of Kala Shah Kaku Complex were nationalized in 1971 and according to Nasim Saigol, the family lost 70% of its assets in Bhutto's nationalization.
Only textile wing escaped nationalization but as Pakistan People's Party manifesto had envisaged the nationalization of big textile units also, no new investment was made in the textile industries during the six years of Bhutto rule.
Like many other Pakistani industrialists, the Saigols lived out the Bhutto era abroad, in Saudi Arabia where they launched Conforce Construction Company in collaboration with Germany's Veba Group who is said to have put up nearly 100 million dollars for trading in cement and other construction material in the Gulf countries. The management was entirely left with Saigols but the partnership quickly fell through and the Saigols were put through the legal grinder.
In 1976 Saigols decided to split, apparently as a part of the strategy to spread the eggs in many baskets. The assets that had escaped nationalization comprising of textile mills at Faisalabad, Rawalpindi and Quetta, sugar mills at Jauharabad, Conforce Limited and Saigol Brothers limited were divided among 15 male descendants of the founding fathers.
The Saigols are currently operating in three distinct groups headed by Nasim Saigol, Tariq Saeed Saigol and Rafiq Saigol.
Yusuf Saigol who founded Kohinoor Textile Mills and United Bank Ltd was the moving force behind the Saigol dynasty. Like John D Rockfeller who had six children , he had a big family, six sons and two daughters. Sons are Mohammad Rafiq, Mohammad Shafiq, Nasim, Javed, Azam and Aftab Saigol. One of the daughters Naz was married to Mian Mansha and the second to a cousin.
Bashir Saigol was assigned the managing directorship of Kohinoor Textile Mills, Rawalpindi and Conforce Limited. He is survived by son Iqbal Saigol, who heads his own small group. After the division of the family silver, KTM Rawalpindi came to the lot of Tariq Saeed Saigol who is now heading his own Kohinoor group.
Saigol group headed by Nasim Saigol is perhpas Pakistan's biggest group in engineering goods industry with projects on the anvil for a car assembly plant with Daewoo and motorcycle assembly plant with Qingqi group of China. It is also the biggest manufacturer of air conditioners, deep freezers and electric good supplied to WAPDA.
Nasim Saigol group
S.No Name Assets Turnover
1 Kohinoor Indurties 2,428 2,265
2 Azam Textile 407 462
3 Saritow Spinning 333 183
4 Pak Electron 1,589 1,309
5 PEL Appliances 349 360
6 Kohinoor Power 614 243
7 Kohinoor Energy - -
Total 5,720 4,822
Financial Assets
8 Union Bank 8,832
9 Union Leasing 172
Total 9,004
Farooq Saigol Group
S. No Name Assets Turnover
1 Mohib Textile 3,206 1,429
2 Kohinoor Sugar 811 308
3 Mohib Exports 714 651
4 Kohinoor Edible Oil 639 897
5 Security Safe Deposits - -
Manufacturing Assets 5,370 3,797
Tariq Saeed Saigol
S. No Name Assets Turnover
1 Kohinoor Textile 1,843 1,078
2 Kohinoor Gujar Khan 372 418
3 Samin Textile 587 728
4 Kohinoor Raiwind 653 578
5 Kohinoor Weaving Ltd - -
6 Kohinoor Genertech - -
Total Assets 3,455 2,802
Iqbal Saigol
S. No Name Assets Turnover
1 Kohinoor Looms 296 211
2 Saitex Spinning 157 183
3 Sally Textile 204 249
Total 657 643
Unlisted Companies
Nasim Saigol
Saigol Computers (Pvt) Ltd
Saritow Pakistan Ltd
Conforce International
Saigols (Pvt) Ltd
Saigol Textile Mills Ltd
Alpha Textile
Summit Textile Mills
Saigol Estate (Pvt) Ltd
Smartelle Fabrics
Packing Industries (Pvt) Ltd
PEL-DAEWOO Electronics Ltd
Kohinoor Motor Works
Kohinoor England
Farooq Saigol
Mohib Fabrics Industries Ltd
Regent Knitwear (Pvt) Ltd
Regent Spinning Mills (Pvt) Ltd
Regent Marketing International Ltd
Regent Dying and Finishing Mills (Pvt) Ltd
Kohinoor Trading Company
Mohib Weaving Mills (Pvt) Ltd
Kohinoor Technical and Management Services (Pvt) Ltd
Purjosh Kissan (Pvt) Ltd
Regent Power Generation (Pvt) Ltd
Workforce (Pvt) Ltd
Kohinoor Consultants (Pvt) Ltd
Conforce Overseas (Pvt) Ltd
Kohinoor Engineering (Pvt) Ltd
Regent Cotton Industries
Regent Fibres
Regent Gineries (Pvt) Ltd
Regent Printing (Pvt) Ltd
Lease Pak Ltd
Oilman Ltd
Regent Cement Ltd
Tariq Saeed Saigol
Armani Textil
Zimpez (Pvt) Ltd
Maple Leaf Electric Company
Crescent
"The people who care for the people". It was in early 1910 that Shams Din of Chiniot and his four sons, Fazal Karim, Mohammad Amin, Mohammad Bashir and Mohammad Shafi set up a small tannery at Amritsar in India. By the time Pakistan was born, they had offices at Madarass, Jalandhar, Calcatta and Delhi.
After the birth of Pakistan, three of the four brothers returned to native land and in 1951, incorporated a trading company namely Mohammad Amin, Mohammad Bashir Ltd for export of Cotton and imports. Bashir settled in Karachi, Amin managed the operations from Lahore and Shafi worked in a ginning factory in Sargodha. According to Emma Duncan, in " Breaking the Curfew", Crescent family was alloted an industrial unit sprawling over 125 acres in Faisalabad, in lieu of the property left over in India, which was to become the spring board of their growth and diversification.
By mid 1960s Fazal Karim also returned to Pakistan and the four brothers fondly known in the business community, as the " The gang of four" soon became Pakistan's biggest textile exporters. They were also joined in the business by their two cousins. Crescent, today has the largest number of listed companies (22) in its fold with assets exceeding Rs 10 billion. It is the soundest, if not the largest industrial conglomerate in Pakistan and last of the 22 families which has remained united through thick and thin, the best and the worst times for big business in Pakistan during last 50 years. Presided over by eldest member of the family, Mazhar Karim, the group has twenty working members and can be truely called a joint venture of uncles, cousins and nephews.
In a communication to the author in 1993, the group maintained that " there has been no split whatseoever and Crescent group exists in the same shape as it has always been since its inception" but there are recent indications that for administrative convenience rather than for some other reason the group has been subdivided.
Crescent has the slogan of " the people who care peopel" and belongs to the enterprising Chinioti community who have the general reputation of never transferring their money abroad. Crescent particularly has the reputation of being truly rooted and entrenched in the Pakistani Soil and is considered to be a conscientious tax payers.
An article in Weekly Friday Times in the first week of April 1993 described Crescent as " one of the oldest, largest and most distinguished business concerns in Pakistan, an exemplary tax payers and investors of every penny earned back into their business of the home country".
Crescent lost its shipping line with two vessels, Shams and Karim in Bhutto's nationalization and although Crescent Investment Bank was first private sector bank to start operations in 1990 and had set up a seperate division to take part in privatization, it did not bid for any unit during Nawaz Sharif's privatization. However it registered one of highest growth rate during Nawaz era and launched a large no of new companies particularly Modarba and leasing companies during 1990-93.
Crescent Listed Companies
S no Name Assests Turnover
1 Crescent Textile 3,159 894
2 Crescent Spinning 582 209
3 Shams Textile 556 592
4 Elite Textile 161 297
5 Crescot Mills 122 324
6 Jubilee Spinning 680 322
7 Surraj Cotton 458 533
8 Crescent Steel 676 760
9 Crescent Jute 1,007 672
10 Shakarganj Sugar 1,630 1,090
11 Crescent Board 605 457
12 Crescent Sugar 950 958
Total 10,568 7,108
Financial Companies
S.No Companies Assets
13 Crescent Bank 6,558
14 Premier Insurance 333
15 First Crescent Modarba 473
16 First Elite Capital Modarba 155
17 First Equity Modarba 355
18 Crescent Leasing Corporation 250
19 Paksitan Industrial Leasing Corporation 4,202
20 Trust Investment Bank -
Total Financial Assets 12,353
Unlisted Companies
Sargodha Cotton Fabrics (Pvt) Ltd
Crescent Software
Crescent Knitwear
Shams Fabrics
Crescent Trading Corporation
Crescent Group Services (Pvt) Ltd
Crescent Modarba Management Services
Tex Mac Services
Crescent Management Services
Crescent Power Plant Limited
World Class Textile Mills
Jhang Electric Supply Corporation
Crescent Greenwood
Shams Food Products Ltd
Ujala Cotton Mills
Crescent Factories Ltd
Karachi Bulk Storage and Terminal Ltd
Mohammad Amin and Mohammad Bashir Ltd
Shakarganj Mills Ltd
Shams Woolen Mills
Crescent Power Tch Ltd
Pir Mohammad Associates
Crescent Marketing Services (Pvt) Ltd
Crescent Industrial Chemicals
International Housing Finanace Ltd
Dewan
Listed Companies
S. NO Names Assets Turnover
1 Dewan Textile 1,008 1,646
2 Dewan Mushtaq 268 270
3 Dewan Khalid 506 538
4 Dewan Sugar 708 1,055
5 Ishtiaq Textile 204 155
6 Dewan Salman Fibre 7,419 6,219
Total Manufacturing Assets 10,113 9,883
Financial Companies
7- Metropolitan Bank ( With Gul Ahmad)
Unlisted Companies
Dewan Mushtaq Sons
Dewan Steel Mills
The House of Ittefaq
Ittefaq means unity and it was an appropriate name when Mian Mohammad Sharif, father of Prime Minister Nawaz Sharif and his six brothers founded Ittefaq foundry in 1939. The House of Ittefaq, the industrial conglomerate of Prime Minister Nawaz Sharif's family is not unity anymore and 119 offspring's siblings and spouses of the seven founding brothers are currently battling in courts for the division of the assets of the Ittefaq group.
The House of Ittefaq claims to have lost an industrial unit in East Pakistan, besides losing Ittefaq foundry to Bhutto;s nationalization. In the aftermath of nationalization Mian Mohammad Sharif tried luck in UAE where he set up a steel re-rolling mills. He is reported to have told his family that while leaving for UAE that he would not return till the mill was ready. The factory was therefore, completed on time but proved too taxing for aging Mian Sharif in an unfamiliar enviroment and therefore, he returned after operating it for about a year or two.
Lady luck smiled on the Sharif family when in late 1970's General Zia ul Haq returned them Ittefaq foundry and Nawaz Sharif was appointed finance minister in the Punjab cabinet. By that time the House of Ittefaq comprised of following five enterprises.
Ittefaq Textile
Nawaz Shahbaz Enterprise
Jawaid-Pervaiz Enterprise
Ittefaq Brothers (Pvt) Ltd
Khalid Siraj Industries (Pvt) Ltd
New industrial units were set up with electrifying speed in the 1980's while Nawaz Sharif was the finance minister and later chief minister of Punjab. Ittefaq Sugar Mills was set up in 1982, Brothers steel in 1983, Brother's Textile Mills in 1986, Ittefaq Textile units in 2-3 in 1987, Khalid Siraj Textile Mills in 1988.
During first Benazir govt when Nawaz Sharif was the uncrowned King of the powerful Punjab province, the group started work on Brothers Sugar Mills and Ramzan Sugar Mills which turned out to be the last project set up under the banner of Ittefaq. As soon as Nawaz Sharif became Prime Minister in 1990, Mian Mohammad Sharif switched over to setting up projects independent of the other partners, thus laying the grounds for split.
It was said that when Nawaz Sharif became prime minister, the group took a decision to secure project loans from the foreign banks and only working capital was taken from the nationalized commercial banks. The project financing from foreign banks was ostensibly secured against the foreing currency deposits, a number of which were held in benamee accounts, as repeatedly claimed by Interior Minister Naseer Ullah Babar at his press conferences.
At a press conference in Islamabad, on August 3, 1989 Shahbaz Sharif was gave the assets of the group at Rs 3.6 billion, but the report of the Cooperative Scam Tribunal estimated the group assets in 1989, according to their own declaration at Rs 6 billion.
In 1992 when Salman Taseer, Information Secretary, PPP released an account of Nawaz govt's corruption in a booklet "The Plunder of Pakistan" a spokesman of House of Ittefaq said in a counter statement that the group has incurred loans worth Rs 4,420 million only from the commercial banks contrary to Salman Taseer 's claim of Rs 12 billion. According to the spokesman, the group comprised of only 14 companies in its fold with assets of 6 billion.
H U Beg Committee, set up by Nawaz govt in 1990 to investigate the allegations of concentration of wealth had identified 19 companies in the House of Ittefaq with assets worth Rs 10 billion and for the purpose of ranking in this book. I have relied on the estimates of the H U Beg Committee. However at a press conference in Islamabad, on March 2, 1994, Khalid Siraj, a cousin of prime minister claimed that the assets of the seven brothers were valued at Rs 21 billion.
The units in Ittefaq as identified by H U Beg Committee included three listed companies, 12 unlisted public companies and 4 private limited companies.
The Friday Time issue of April 25, 1997 reported that the Sharif group of Mian Mohammad Sharif has started work on Kashmir Sugar Mills and Bashir Sugar Mills for which it was seeking hefty loans from commercial banks. Work is also in progress over a sprawling New Sharif Medical City, opposite the big residential farm of the Sharif family on the Rai Wind Road. The group is also working on Yousaf Aziz Sugar Mills at Kasur and another at Shah Kot.
According to agreement reached in Lahore High Court by members of the family sometimes in 1996, the House of Ittefaq has split in two groups. The first comprised of the families of Mian Mohammad Sharif, Mohammad Shafi, Barkat Ali, Yousaf Aziz and Idrees Bashir while the second group comprised of the families of Meraj Din and Siraj Din. Members of the Ittefaq group are currently operating in three groups namely Sharif Group, Ittefaq Group and Haseeb Waqas Group. The three groups have only four companies listed on the KSE.
Listed companies
S. No Names Assets Turnover
1 Ittefaq Textile Mills - -
2 Brothers Textile Mills 262 -
3 Khalid Siraj Textile Mills 228 239
4 Haseeb Waqas Sugar 1,163 901
Sharif Group
Ittefaq Textile
Mehran Ramzan Textile
Brothers Textile Mills
Ramzan Baksh Textile Mills
Mohammad Baksh Textile Mills
Hamza Spinning Mills
Ittefaq Sugar Mills
Ramzan Sugar Mills
Chaudri Sugar Mills
Ittefaq Foundry (Pvt) Ltd
Brothers Steel Mills
Ittefaq Brothers (Pvt) Ltd
Ilyas Enterprise
Hudaibiya Paper Mills
Hamza Board Mills
Hudabia Engineering
Khalid Siraj Industries
Ali Haroon Textile Mills
Hanif Siraj Textile Mills
Farooq Barkat (Pvt) Ltd
Abdul Aziz Textile Mills
Barkat Textile Mills
Sandalbar Textile Mills
Haseeb Waqas Rice Mills
Sardar Board and Paper Mills
Model Trading House (Pvt) Ltd
Haseeb Waqas Group
Haseeb Waqas Sugar Mills
Haseeb Waqas Engineering
Haseeb Waqas Farms Ltd
Haseeb Waqas Rice Mills Ltd
Source: Assets declared by Nawaz Sharif in the 1997 elections. H U Beg Committee and list of units in the Ittefaq group provided by Khalid Siraj at his press conference on March 2,1994.
Chakwal
The founders of Chakwal group migrated to West Pakistan in 1971 from East Pakistan and set up Chakwal Textile Mills at Chakwal, a small city in Northern Punjab near Rawalpindi. Today it has grown into multlimillion rupees conglomerate owning and operating at least 15 companies including several textile mills, a privatized cement plant, a polyester fibre plant and Commercial Bank, Fidelity Investment Bank and Trust Leasing.
According to Business Recorder of February 8, 1998 the group was facing fraud charges in the Special court of crimes in Banking Circle, Karachi for defrauding National Investment Turst (NIT) to the tune of Rs 288 million by showing inflated value of Chakwal Cement to get NIT units. Khawaja Mohammad Javed is the chairman of the group and is related by marriage to Mian Mohammad Mansha and Tariq Saeed Saigol.
Listed Companies
S. No Company Assets Turnover
1 Amin Spinning Mills 280 201
2 Kohinoor Spinning 1,232 799
3 Chakwal Spinning 731 103
4 Yousaf Weaving 1,052 961
5 Dandot (Chakwal) Cement 1,297 762
6 Dhan Fibre
7 Kohinoor Fibre
Total 4,592 3,026
Financial Assets
8-Platinum Bank 5,530
Unlisted Companies
Kashmir Textile
Kohinoor Minerals (Pvt) Ltd
Naveed Industries (Pvt) Ltd
Chakwal Textile
Chakwal Electric Supply CO
Chakwal Power CO
J M Knits (Pvt) Ltd
Y W M (Spinning units) Ltd
Saphire/ Gulistan
Listed companies
S No Name Assets Turnover
1 SaphireTextile 1,791 3,416
2 Saphire Fibre 1,223 1,830
3 Appolo Textile 295 363
4 Gulistan Textile 1,852 1,340
5 Paramount Textile 584 441
6 Gulshan Spinning 1,090 820
7 Gulistan Weaving 377 334
8 Reliance Cotton 371 360
Total Financial Assets 7,583 8,904
Unlisted companies
Amer Cotton Mills (Pvt) Ltd
Amer Fabrics Ltd
Neelum Textile Mills
Gulistan Fabrics Ltd
Diamond Fabrics
Habib
THE HOUSE THAT BUILT HABIB
" In Pakistan who has the money to buy Habib Bank, but the House of Habib", the representative of Habib group told reporters at the Privatization Commission in Islamabad in 1992 before submitting bid for the privatization of Habib Bank. The boast was justified but uncharacteristic of the Habib family which is known to make conscious efforts to appear small and stay out of the limelight by " hiding the light under the bush in the religious belief that to win the pleasure of Allah is worth infinitely more than to seek the plaudits of the public".
Habibs have spread their wealth over a large number of private and public companies and a profile of Rafiq Habib in Economic Review, Novemer 1984 (P 59) said that Habib group had 90 companies it its fold. I could identify only half of them.
The history of House of Habib goes back to middle of the last century when Esmail Ali of Jam Nagar, India set up a small utensil factory in Bombay. A son born to him in 1878 was given the name Habib who was to found the dynasty of House of Habib. Habib Ismaeel lost his father at an early age and circumstances forced him to join the business of his uncle-Cassum Mohammad, owner of Khoja Mithabai Nathoo, merchant and manufacturer of copper and brass utensils. It was because of his association with Mithabai Nathoo that Habib Ismaeel came to be known as Seth Habib Mitha.
The House of Habib hold many distinctions in Pakistan's history. Habib Bank was shifted to Pakistan on the personal bidding of Quaid-e-Azam Mohammad Ali Jinnah and came to the help of the nascent state " even before the Govt of Pakistan was ready to issue appropriate govt paper", with a Rs 80 million loan when the Rserve Bank of India failed to deliver Pakistan share of Rs 750 million held by it. It is said that Mohammad Ali Habib had presented a blank cheque on Llyod Bank to Quaid-e-Azam who wrote Rs 80 million in it. (An article in Habib Bank Golden Jubilee Presentation and a letter to the Editor in daily Dawn, September 11, 1991).
The Habib family is known to have set up offices in Vienna and Geneva as early as 1912 and incorporated Habib and Sons in 1921 which was dealing in brass, metal scraps and gold with " Lion of Ali " embossed on it which is till today the insignia of the Habib Bank.
Habib Bank was incorporated in 1941, as First Muslim Bank in India and was using its own assayed gold medallions. It is said that Mohammad Ali Habib ensured that these medallions were purer than the assayed stamp showed there were stories of customers finding out that the medallions were worth more the bargain.
Seth Habib had four sons and Aziz Haji Dossa, a reader of daily Dawn recalled in a letter to the editor on September 11, 1991 that " I used to watch the four sons of Habib Seth, namely Mohammad Ali, Ahmad, Dawood and Ghulam Ali drive every morning sharp at nine o'clock wearing silk yellow Sherwanies and caps, parking their cars in front of the Mohammad Shah Pir Graveyard and standing in line offering Fateha".
Mohammad Ali Habib who founded Habib Bank on August 7, 1941 had four sons, Suleman, Habib, Rafiq and Hyder and it is the group headed by Rafiq M Habib which is today known as House of Habib. The second group comprised sons of late Rashid D Habib but A G Zurich Bank incorporated as Habib Bank Ltd in Geneva, in 1967, is a joint venture of all Habibians and in keeping with the family traditions is still issuing its own gold medallion embossed with the Lion of Ali.
The group headed by Rafiq Habib is using five stars and holy Kalma as its insignia while Rashid Habib group is using lion and Sword of Ali as its insignia.
Rafiq M Habib group
S No Name Assets Turnover
1 Thal Jute Mills 354 448
2 Pak Jute and Synthetics 112 181
3 Pak Paper Sack 428 827
4 Shabbir Tiles 180 216
5 Dyno Pakistan 272 234
6 Indus Motors 2,318 4,722
7 Gypsum Corporation - -
8 Baluchistan Foundary - -
9 A U Vitronics 125 182
10 Agri Autos 313 248
11 Baluchistan Concrete - -
Total Manufacturing Assets 5,707 7,058
Financial Companies
12 First Habib Modaraba
13 Habib A G Zurich
Rashid D Habib
14 Habib Sugar 833 876
15 Habib RKD 326 403
16 Baluchistan Particles 146 104
17 Habib Insurance 199 -
18 Baluchistan Glass Particles 379 183
19 Habib General Limited - -
20 Baluchistan Concrete and Block Works - -
21 Hydri Construction 22 -
Total Manufacturing Assets 1,905 1,566
Financial Companies
22 Bank Al-Habib 4,657
Unlisted Companies
Rafiq M Habib
Visionate (pvt) Ltd
Hi-Tech Medial Group
Noble (pvt) Ltd
Thermax Pak Ltd
Cisum Music (pvt) Ltd
Rythem Recording (pvt) Ltd
Baluchista Laminate
Rapid (pvt) Ltd
Computers (pvt) Products Corp
Noble Computer Services (pvt) Ltd
Kraft Pac (pvt) Ltd
Tractable Khaleej Power Plant
Habib Industries Ltd
Habib Lockers
Habib Generals Ltd
Habib Investment Company
Starmit System Ltd
Habib Oil Mills Ltd
Habib American Bank
Habib European Bank
Master Enterprises (pvt) Ltd
Procon Engineering (pvt) Ltd
Capital Corporation Ltd
Filtron Pakistan Ltd
Habib Sugarcan Farms
Khyber Papers
Rashid D Habib
Habib Capital Management
Habib Leasing Corporation (pvt) Ltd
Habib Management Services
Habib Sons (pvt) Ltd
Habib Industries Ltd
Commodities Export Ltd
Cytozam Pak Ltd
Dentogen Laboratories Ltd
Pak Propylene
Pak Packages
Poly Propylene Products Ltd
Habib Maritime Ltd
Synthetic Jutet Ltd
Partico (pvt) Ltd
Proline (pvt) Ltd
Habib Sorbitol (pvt) Ltd
Habib Aglomeration (pvt) Ltd
Habib Microfine (pvt) Ltd
GUL AHMAD / AL-KARAM
Gul Ahmad is one of the oldest and most progressive among the Memon business houses in Pakistan. The group was founded by Haji Ali Mohammad Pakolawala and has now split between Gul Ahmad and Alkaram group of Industries.
Like several other Karachi-based groups of post-1947 era, Gul Ahamad has not added any single manufacturing units to its fold since 1971, except for the 150 MW Gul Ahmad Power commissioned in September 1997 and fairly unknown Ghafooria Industries. However Security Investment Bank and Metropolitan Bank have been set up in collaboration with two other leading industrial groups. The group chairman, Ali Mohammad was appointed vice chairman of Export Promotion Bureau by caretaker govt of Moeen Qureshi.
Al-Karam, however is operating nearly a dozen industrial and commercial units including one of the biggest synthetic units, Pakistan Synthetic listed on KSE.
Gul Ahmad / Alkaram
S. No Name Assets Turnover
1 Gul Ahmad Textile Mills 2272 2493
2 Globe Textile 742 853
3 Globe Textile (OEO) 147 232
4 Zaman Textile 177 186
5 Pak Synthetic 1443 1224
6 Chilya Corrugated 20 19
7 Nakshbandi Industries 419 454
Total Manufacturing Assets 5220 5451
Financial Companies
8 Security Investment Bank 997
9 Metropolitan Bank 11,825
Unlisted Companies
Alkaram Textile Mills
Muslim Cotton
Excell Textile Mills
Globe Garment Industries (pvt) Ltd
Ghafooria Industries (pvt) Ltd
PACKAGES
Syed Maratib Ali was a well known name even in the undivided India and his mansion, Ashiana, in Lahore was, and continues to be considered one of the wealthiest houses in this part of the sub-continent.
Maratib Ali family was entrenched in the import-export trade and was a supplier for the British Army and Indian Railway before the partition. The first foreign joint venture launched by the family, after the creation of Pakistan was a soap factory with Lever Brothers. However, the group has grown around Packages Limited and according to an anecdote Pakistan Tobacco Company (PTC) helped Maratib Ali family in launching this packaging units. It is said that PTC had imported a packaging plant for its cigarette manufacturing facility but because of some difficulties encouraged Packages to venture into the field by loaning the later the imported plant.
Maratib Ali had nine children and two of them, Syed Amjad Ali and Babar Ali served as Finance Ministers while two of his grandchildren, Syed Fakhar Imam and Syeda Abida Hussain have also served as federal ministers. Syed Amjad Ali served as Pakistan's first ambassador to the United Nations. Another scion of the family is Syed Mohsin Ali of the Mitchelles Ltd.
The chairman of Packages group, Syed Babar Ali was the eighth of nine children born to Syed Maratib Ali and Mubarak Begum. He served as chairman of National Fertilizer Corporation under Z A Bhutto and is also chairman of the Board of Directors of Hoeist Pakistan, Lever Brothers and Seimen. The group owns 20% equity in the newly set up Coca-Cola Beverages Pakistan Ltd, a trilateral project of Singapore-based Fraser & Neaves (C & N), Packages and Coca-Cola Private Ltd. The newly set up company has acquired Coca Cola plants in Karachi and Hyderabad and would be taking over all the 11 franchises of Coca-Cola in Pakistan.
Babar Ali is also one of the founders of Lahore University of Management Sciences (LUMS).
Packages Group Companies
S. No Name Assets Turnover
1 Packages 2696 2330
2 Zulfikar Industries 171 497
3 Milk Pak 945 2000
4 Treet 313 326
5 Mitchelles 113 96
6 Wazir Ali Industries 311 1036
7 Tri Pack Films 619 317
Total Manufacturing Asssets 5168 6602
Financial Companies
8 IGI 177
9 Interbank 738
Unlisted Companies
Systems (Pvt) Ltd
Kabirwala Dairies
Faizabad Rice Mills
Cattle Breeders Farm Ltd
Abbasi Textile
Hina Export Ltd
Ashiana Cotton Mills
CocaCola Beverages (Pvt) Ltd
ATLAS
Yusuf Shirazi, a former income tax official, self-proclaimed journalist founded the Atlas group in 1962 but suffered major blow in the seperation of East Pakistan by losing an Atlas Honda Motorcycle plant " turning me a pauper overnight and forcing me to move to a flat from a bunglow " (DAWN 7.10.95). Almost all his joint ventures are with Japanese collaboration.
S. No Name Assets Turnover
1 Atlas Honda 1896 1836
2 Atlas Cars (Pak) Ltd 2016 1301
3 Atlas Battery 134 260
4 Alwin Engineering 313 283
Total 4359 3680
Financial Companies
5 Muslim Insurance 90
6 Atlas-Bot Leasing 2206
7 Atlsa Bank Investment 659
Total 2955
Unlisted Companies
Clearance and Warehouse Ltd
Shirazi Farm
Shirazi Trading
Shirazi Investment
Atlas Information Technology
HASHWANI
Hashwanis have long been involved in trading in cotton, grain and steel and till the nationalization of cotton export in 1974 were known as Cotton Kings of Pakistan.
After the nationalization of cotton and rice trade, Hashwani brothers moved into hotel industry and today Sadruddin Hashwani operating the chains of Marriot and Pearl Continental Hotels is known as the Hotel King of Pakistan.
In 1985 when PIA decided to sell its 51% shares in Pakistan Services Limited , operating chain of Intercontinental hotels, Sadruddin Hashwani " walked away with the spoils", according to New York Times. The Rs 130 million bid money came from Investment Corporation of Pakistan (ICP) which was allegedly written off by Zia ul Haq.
In 1984 Haswnai defeated Lakhanis in the bid for Premier Tobacco but the two Hashwnai Brothers, Sadruddin Hashwani and Akbar Hashwani were arrested in 1986 when customs raided their tobacco factory, following seizure of several trucks loaded with cigarettes without payment of duty. The Hashwanis always suspected Lakhanis to have tipped the customs about the tax evasion, (The daily Dawn 24.5.86).
The Haswanis are currently operating in three seperate groups known as the Hashoo group of Sadruddin Haswani, Haswani group of Akbar Ali Hashwani and Hassan Ali Hashwani group comprised of the companies owned by the children of late Hassan Ali Hashwani.
Hashoo Group
S NO Name Assets Turnover
1 Pakistan Services 3364 1846
2 Exide Battery 296 513
3 Automative Battery 131 176
4 Hahsoo Steel 130 308
5 Souvenir Tobacco - -
Total 3921 2843
Financial Assets
8 New Jubilee Insurance 590
Akbar Hashwani
9 Regent Textile 230 192
10 Landmark Spinning 100 -
Total 330 -
Unlisted Companies
Hashwani Hotels
Murtaza Construction (pvt) Ltd
Bhurban Resorts (pvt) Ltd
Hassan Ali and Company (pvt) Ltd
Hassan Ali Sale and After Sale Services (pvt) Ltd
Hattar Accumulators (pvt) Ltd
Zaver Peroleum (pvt) Ltd
Gelcaps Pakistan Ltd
Hub Steel Company
Lakeview Properties
Pearl Tours and Travels (pvt) Ltd
Real Estate Investement Company
Pearl Continental Overseas (pvt) Ltd
Hassan Ali and Grains Ltd
Hashoo International (pvt) Ltd
Rex Talkies (pvt) Ltd
Associate Buolders (pvt) Ltd
Bagh-e-Korangi (pvt) Ltd
Bagh-e-Landhi (pvt) Ltd
Hashoo Modaraba Management Ltd
Hashoo Holdings (pvt) Ltd
Zaver Lubricants and Speciality Products
Zaver Chemicals Ltd
Zaver Mining Co (pvt) Ltd
General Pharecutical (pvt) Ltd
Continental Corporation (pvt) Ltd
Akbar Hashwani
Hashwani Construction (pvt) L
Syndicate Mines and Minerals (pvt) Ltd
AEG Pakistan Ltd
Cornonet Enterprise (pvt) Ltd
Panther Industries (pvt) Ltd
ACME Enterprise
Hassan Ali and Compan Cotton (pvt) Ltd
BIBOJEE
Listed Companies
S No Name Assests Turnover
1 General Tyres 1183 1935
2 JDM Textile 98 81
3 Babri Cotton 106 166
4 Bannu Woolen Mills 184 184
5 Gandhara Nissan 611 756
6 National Motors 692 271
7 Ghandhara Industries 102 756
8 Gammon Pakistan 152 -
TOTAL 3128 3393
Financial Companies
10 Chemni Leasing 581
11 Universal Insurance 56
Saif Ullah's Group
S No Names Assets Turnover
1 Kohat Textiles 216 256
2 Saif Textile 462 616
3 Lucky Cement 678 -
Unlisted Companies
Rehman Cotton Takhtbhai
Bibojee Services (pvt) Ltd
Bibojee Investment (pvt) Ltd
Usman Fabrics and Knitwear (pvt) Ltd
Advanced Computer Tec (pvt) Ltd
Frontier Txtile
Bannu Flour Mills
KSK Investment (pvt) Ltd
KKA Company (pvt) Ltd
Saif Beverages
Saif International Combine
Sarhad Prestressed Concrete
Pakistan Mobile Corporation
NASA Construction
DAWOOD GROUP
Dawood was ranked second biggest group in Pakistan in 1970 by Lawrence White but it was worst-hit by seperation of East Pakistan and the nationalization of Z A Bhutto with the result that it has not set up a single manufacturing unit during last 25 years. Yet it is ranked among the top 10 industrial groups in Pakistan in 1990 and was 14 in 1997.
Dawood group was founded by Ahmad Dawood but currently stands split among three Dawood brothers namely Ahmad, Sadiq and Suleman Dawood who are heading Dawood, BRR and Descen groups respectively. Not so well known, Ghani group was also carved out of the main Dawood group and is based on the shares held by in-laws of Ahmad Dawood in the parent group.
Dawood family members were put on exit control list and once they managed to leave the country, they lived out the Bhutto era in exile in Europe and United States. However Razak Dawood s/o Suleman Dawood shifted to Lahore and developed a group of Construction/ Engineering Companies today known as the Descen group.
Ahmad Dawood was born at Batva, Kathiawar in a Memon family. When partition took place, he had already set up a cotton ginning factory, an oil mill and vegetable ghee factory in India. He is reported to have told reporters that it was on the suggestion of Quaid-e-Azam Mohammad Ali Jinnah that he had migrated to Pakistan and incorporated Dawood Corporation for import and export trade.
Dawood Cotton Mills was set up in 1951 but business grew in leaps and bounds when Ahmad Dawood was associated with Muslim League and his brother Sadiq Dawood was a member of national assembly and treasurer of the ruling Pakistan Muslim League during the military rule of Field Marshal Ayub Khan.
Ahmad Dawood is now living a retired life and his business is being looked after, by son Hussain Dawood.
Ahmad Dawood Group
S No Name Assets Turnover
1 Dawood Hercules 2025 1615
2 Dilon Limited 155 76
3 Dawood Cotton 541 173
4 Burewala Textile 599 545
5 Lawrence Woolen Mills 329 248
Total Manufacturing Assets 3649 2657
Financial Assets
Central Insurance
First D G Modaraba
Second D G Modaraba
Sadiq Dawood Group
BRR Modaraba
Second BRR Modaraba
Equity International Modaraba
Orient Insurance
Dawood Leasing
Suleman Dawood
Transpack
Aisha Cotton
Unlisted Companies
Ahmad Dawood
Dawood Corporation
Dawood Hercules Engineering Group
Sach International
National Mines Ltd
D G Modaraba Management Ltd
Sindh Paper Mills (pvt) Ltd
Sadiq Dawood
Dawood International Ltd
Dawood Yamaha
CNPS Manufacturing, Trading (pvt) Ltd
Suleman Dawood
Descen Engineering
Descen Manufacturing (pvt) Ltd
Delta Industries (pvt) Ltd
United Refrigrators
Dawood Chem (pvt) Ltd
Consumers Product Ltd
MONNOO
Monnoos are Chinioti and are currently operating in three distinct groups. However, the biggest of the three, Kaisar Monnoo group is a joint venture of three brothers, Kaisar A Monnoo, Shehzada A Monnoo and Jehangir A Monnoo. The group has up to 15 textile mills in its fold but none listed on the stock exchange. According to press reports and interviews of the Monnoo family members, total assets of the main Monnoo group are valued at Rs 3 billion.
The present day Monnoo dynasty was founded by two Monnoo brothers namely Dost Mohammad Monnoo and Nazir Hussain Monnoo who migrated to Calcutta in the 1940s where they set up Olympia Rubber works. At the time of independence the rubber works was exchange with a textile mill owned by a Hindu in Nabiganj, Dhaka. The new factory was christened as Olympia Textile Mills. The name Olympia has been omenous for the Monnoos and that is why a number of their units have been named Olympia.
Kaisar Monnoo Group
Monnoo Industries
Lahore Textile and General Mills
Lahore Textile Unit-2
Tribal Textile
Margalla Textile
Rawal Textile
Margalla Textile Unit-2
Olympia Blended Fibre Mills-1
Olympia Blended Fibre Mills-2
Qureshi Textile
Jamhoor Textile
Jamhoor Textile Unit-2
Monnoowal Textile
Summudri Sugar
Monnoo Sales (pvt) Ltd
Kaiser Shahzada (pvt) Ltd
Ravi Production (pvt) Ltd
Monnoo Farms
Monnoo Orchars
Total Assets: 3605
Munir A Monnoo Group
Munir A Monnoo migrated from East Pakistan in 1971 and set up looms in Faisalabad. His first industrial project was Olympia Textile in the name and style of the factory he had left in East Pakistan.
Olympia Textile
Olympia Industries
Sheikhupura Feeds
Lahore Feeds
Punjag Feeds
Olympia Synthetic
Karachi Farms
Gulbahar Industries
Olympia Power Ltd
Another small Monnoo group is operating out of Karachi and comprises of
Olympia Spinning and Weaving Mills
Kotri Textile Mills
Kamani Textile Mills
FECTO
The name Fecto has been taken from the acronym of Far East Commercial and Trading Company set up by Ghulam Mohammad. A Fecto in East Pakistan. The psychological problems and fears that still haunt the big business particularly the Memons is evident from the manner in which Fecto group completely changed its identity, enen name after shifting their business from East Pakistan to West Pakistan.
Ghulam Mohammad A Fecto, the founder of Fecto group was known as Ghulam Mohammad Adamjee in East Pakistan but while setting up the business in West Pakistan, now Pakistan, he dropped the name Adamjee in fovour of the acronym Fecto and thus from Ghulam Mohammad Adamjee he has become Ghulam Mohammad A Fecto.
Fecto is a Memon group and Ghulam Mohammad A Fecto had migrated from Bombay to Dhaka in 1947 where he set up Far East Commercial and Trading Company dealing among other things, in electrical and home appliances. It entered into a joint venture, Fecto-Yamagen Electronics Ltd, with Toshiba in 1961 for the manufacture of Radios in East Pakistan. At the time of birth of Bengladesh he was managing director and director in at least ten companies including Fecto Ltd, Fecto-Yamagen Electronics , Dacca Radio Electronic Company, Fecto Agencies Ltd, Chaudary Fishing Company, Fecto Industries and Fecto Trading.
In the 1970 while other Memon groups were switching from industries to trading Fecto decided to venture into manufacturing by acquiring Adamjee Sugar Mills changing its name to Fecto Sugar Mills, followed by the setting up of another sugar mill and a tractor manufacturing unit. Presently the group has 14 companies in its folder including three listed on KSE.
S No Name Assets Turnover
1 Fecto Cement 2,471 1,376
2 Baba Farid Sugar 326 506
3 Fecto Sugar 744 528
TOTAL 3,541 2,410
Unlisted Companies
Belarus Tractors
Supreme Engineering Works
Pak Agro Forestry Corp
Fecto Chemicals
Fecto Orient (pvt) Ltd
Burban Printer Packages
F and B Storage Ltd
Fecto Pakistan Ltd
Fibre Textile Industries (pvt) Ltd
Frontier Paper Products (pvt) Ltd
Laminate Tech Ltd
LAKHANI (LAKSON)
Lakhanis have grown during the last two decades and are one of the three big Ismaeeli groups among top 22 families today. However they have been at loggerhead with one of the other Ismaeeli family i.e the Hashwanis over several corporate takeovers.
Sultan Lakhani is the eldest of the four brothers who have partnership in the group with units manufacturing detergents, soap, surgical instruments, paper and board, as well as food. Lakhanis claimed to have an annual turnover of 200 million dollars in 1990 and if ranked by turnover should come among the top ten but it would be mainly because of the sizable turnover of the Premier and Lakeson Tobacco. The group has recently won the coverted franchise for McDonalds Fast Food in Lahore.
Listed Companies
S No Name Assets Turnover
1 Premier Tobacco 442 2,206
2 Lakson Tobacco 511 2,405
3 Century Paper 1,117 1,104
4 Merit Packaging 73 197
5 Clover Foods 72 24
6 Tritex Cotton 253 291
7 National Detergents - -
8 Colgate 408 1,347
TOTAL 2,876 7,574
Financial Companies
9 Century Insurance
Unlisted Companies
Siza Commodity (pvt) Ltd
Accuracy Surgical
Siza Services (pvt) Ltd
Project Development Services
Star Development
FATEH
S No Name Assets Turnover
1 Fateh Textile 2,170 2,123
2 Fateh Sports Wear 420 157
3 Fateh Industries 253 240
TOTAL 2,843 2,520
Unlisted Companies
Bahawalpur Textile
Fateh Apparel
Fateh Garments
Fateh Furnishers
Fateh Jeans
Fateh Weaving Mills
Hotel Fateh Ltd
Nephew and Nephew
Walisons
SARGODHA
This is another Chinioti group founded by Mian Mohammad Aslam, 69 who returned to Pakistan in 1947 from India where he owned a leather tanning unit.
" I used to roam on bicycle from village to village, collecting skins for the tanners, earning a profit of One Anna (4 paisas) per skin", he was reportedly fond of telling his visitors.
Currently the group is facing litigation from Al-Mashriq Bank for default in the payment of a Rs 120 million loan.
S No Name Assets Turnover
1 Shahzad Textile 379 401
2 Shaheen Cotton 327 394
3 Shadab Textile 85 142
4 Sargodha Spinning 695 253
5 Sajjad Textile 512 215
6 Husein Sugar 358 560
7 Shadman Textile 387 394
TOTAL 2,739 2,359
Unlisted Companies
Nazir Cotton
Sargodha Jute
Shaheen Fabrics
Silver Fibre Spinning
ALNOOR
S.No Name Assests Turnover
1 Al-Noor Sugar Mills 944 752
2 Al-Asif Sugar 586 379
3 Shah Murad Sugar 104 926
4 Al-Noor Modaraba - -
TOTAL 2,573 2,057
Unlisted Companies
Al-Asif Textile
Ahmad Hosiery Mills (pvt) Ltd
Fantasy Garments
Aurangzeb IMPEX
Sindh Particles Board
Vilon Garments (pvt) Ltd
Delite Industries
Sufyan Trading
Ebrahim Trading
Al-Noor Fertilizar
GHULAM FAROOQ
Ghulam Farooq belonged to the famous Khattak family of Northwest Frontier Province (NWFP). He founded Pakistan Industrial Development Corporation (PIDC) and headed several big government corporations before resigning from govt job in 1968 to look after his own business. Because of his contribution in Pakistan'a industrial development he is sometimes described as " the Goliath who industrialized Pakistan".
1 Mirpur Khas Sugar Mills 374 544
2 Cherat Cement 1,840 529
3 Cherat Papersack 251 263
4 Greaves Air Conditioners - -
TOTAL 2,465 1,336
Unlisted Companies
Farooq (pvt) Ltd
Greaves Cotton (pvt) Ltd
Associated Constructors (pvt) Ltd
Greaves Modaraba Services (pvt) Ltd
Greaves Carbon Products (pvt) Ltd
Greaves Power Engineering
IBRAHIM
S NO Name Assets Turnover
1 A A Textile 400 704
2 Ibrahim Textile 664 1,018
3 Zainab Textile 832 811
4 Ibrahim Energy 437 96
5 Ibrahim Fiber - -
TOTAL 2,333 2,629
Financial Companies
Ibrahim Modaraba 142
Ibrahim Leasing 194
Unlisted Companies
Ibrahim Agencies (pvt) Ltd
Ibrahim Enterprises (pvt) Ltd
UNITED GROUP (SADIQSONS) OF COMPANIES
United group made the bulk of its fortune during the chief ministership and premiership of Nawaz Sharif when the group was sold Pasrur Sugar Mills for a token price of Rs one and its Chairman, Mohammad Saleem was appointed managing director of National Development Leasing Corporation (NDLC) replacing Rafiq Habib.
At the time of privatization of Pasrur Sugar Mills, the United Sugar committed a bank guarantees of Rs 200 million towards the liabilities of Pasrur Sugar Mills to the Financial institutions and agreed to contribute an additional equity of Rs 50 million for the rehabilitation of the sick mill. The agreement provided that all future BMR projects of Pasrur Sugar Mills will be financed on 50-50 basis.
Pasrur Sugar Mills became a heavy stone around the neck of the parent company and nearly a decade after its acquisition, the United Sugar Mills has become a defaulter to nationalized commercial banks.
S No Name Assets Turnover
1 United Sugar 417 619
2 Sajjad Textile 346 275
3 International Floor Covering 273 47
4 United Carpets 239 48
5 United Woolen 214 49
6 United Jute 460 113
7 Sana Fabrics 272 -
8 Ahmad Spinning 16 -
Total Manufacturing Assets 2,237 1,191
Financial Assets
9 NDLC 3,644
Unlisted Companies
United Paints
Pasrur Sugar Mills
S. Mohammad Saeed Goreeja & CO
BAWANY
Bawany dynasty was founded by two Bawany brothers, Ahmad Karim Ebrahim Bawany and abdul Latif Ibrahim Bawany born in 1882 and 1890 respectively at Jetpur, Kathiawar, who had migrated to Burma towards end the end of 19th century and set up Ahmad Violin Hosiery Works in Rangoon. The two brothers reportedly made their initial fortunes by selling cloth as a vendor on bicycle from village to village. It was in Rangoon that they incorporated their first limited company and established themselves as an importer and exporter.
After the military coup in Burma they returned to set up a business in India and in 1947 migrated to Pakistan. It was perhaps in memory of the Hosiery Mills at Rangoon that a company with the same name was incorporated in Karachi and is doing a flourishing business.
The name Bawany has its origin in the name of an elder of the family, Bawa known for his honesty and hard work in home town Jetpur.
They were first among the Memons to open a purchase office in Kobe, Japan and supported the construction of first mosque in Japan at Kobe.
Bawanies were a big family and Ahmad Bawany had seven sons namely Siddiq, Majid, Yahya, Ibrahim, Amin, Rauf and Zakaria Bawany, each of whom is believed to be heading at least one idependent industrial unit independently. Presetly the members of Bawany family are active in textile, jute, sugar, particle board, Oxygen, leather, garments, tanneries and cables.
Al-Noor is splinter of Bawanie and the two have joint interests in several companies. It set up its first Project Al-Noor Sugar Mills in 1970 and today has four companies listed on KSE. A big project by Al-Noor which is in the offing is under construction is Al-Noor Fertilizer located at Dhabeji, 50 Km from Karachi with the projected installed capacity to produce 390,000 tons of Urea and 390,000 tons of DAP.
S No Name Assests Turnover
1 Bawany Sugar 780 632
2 Faran Sugar 875 576
3 Pioneer Cables 239 358
4 B F Modaraba 16 16
5 Bawany Air 55 41
6 Annoor Textile 77 21
7 Bewany Metals - -
8 Latif Jute Mills 133 122
9 Pakistan Telephone Cables - -
TOTAL 2,175 1,766
SCHON
Schon has been a controversial group and its chairman Athar Hussain, a former pilot with PIA had been taking great pain to explain the origin of seed money for the group. After the dismissal of Benazir govt in November 1996, Athar Hussain and his two sons fled Pakistan because of scandals about their deals with the Privatization Commission and their relationship with Asif Zardari, husband of former prime minister.
Schon bought National Fibre, Pak-China Fertilizer and Quaidabad Woolen Mills in Nawaz Sharif's privatization and nearly succeeded in acquiring Pak-Saudi Fertilizer Company during Bhutto's privatization , through a front man.
The group was founded in Singapore in 1973 to engage in import and export business while Athar Hussain was working as a pilot with the Singapore Airlines. It started as an Export House and grew around the hefty rebates that the group got on the export consignments. Nasir Hussain in an interview with Ovais Subhani of " The News", Islamabad narrated how he got his first order of shirts worth 300 dollars to Singapore and later took a furlow from college in the United States to supply a big garments order.
" Winning a export order from the Export Promotion Bureau proved to be the turn I was looking for. And in a little time we had enough resources to bid for a textile mills and later for a fibre unit under Nawaz Sharif's privatization", he said in the interview.
According to Privatization Commission figures, Schon had acquired National Fibre and Pak-China Fertilizer for total bid prices of Rs 1,21,3.84 million ( Rs 756.64 million and Rs 456.84 million respectively) but was handed over the management after a down payment of Rs484.5 million and the bulk of the balance amount is outstanding against the group.
In November 1991, at an investors conference in Islamabad, the Schon group announced plans for the setting up of a 30,000 barrels per day refinery at Port Qasim, in collaboration with PHOENIX Corp and Petro-Chem of United States under Benazir Bhutto govt when members of Schon group had close contacts with Asif Zardari, political clout was used to put together a financial package for the refinery in which National Investment Trust and several banks forced to join the project as equity partner.
After the sacking of Bhutto govt, newspapers carried several reports that Schon wanted to dispose off National Fibre and other units, prior to dismissal of Benazir Bhutto govt which was a violation of deed signed with Privatization Commission. A report in the daily, The News, Islamabad, in December 1996 also reproduced extracts of a letter by Tahir Hussain to Asif Zardari, revealing that a bid was being made to sell National Fibre through an intermediary.
" With regard to the visit of Pir Murad Ali Shah in connection with the purchase of National Fibre Limited, it is informed to your goodslef that as this unit is under heavy financial burden, therefore, it is of immense importance to get these loans waived off before further negotiations in respect of sale of this factory could be carried further. It is also informed that Corporate Law Authority has created a case against us which is becoming a problem for Schon Group. I shall be highly obliged if this case can be closed against National Fibre Limited. Accept my hearty felicitations and thanks on helping us to have the extended loan facility by the Habib Bank which was not possible without your personal interest in the matter ", the letter said.
Athar Hussain was taken into custody after dismissal of Bhutto govt but he managed to flee and is now living happily in United States. In November 1997, 8 residential plots and shares of Schon Bank were auctioned by Ehtasab Cell but a deal was mysteriously and quietly struck by Ehtsasab Cell and Athar Hussain. Details of the deal were not made public despite questions asked in the Senate but National Development Finance Corporation (NDFC) which started the legal process to repossess the National Fibre Limited was asked by the Ehtasab Cell to delay the takeover. According to the report published by The News, Islamabad on March 27, 1998, Ehtasab Cell has disbursed Rs 123 million to clear the dues of Pak-China Fertilizer to workers of the unit and WAPDA so that the unit can resume operation.
S No Name Assets Turnover
1 National Fibre 1,851 838
2 Schon Textile 187 132
3 Schon Textile - -
4 Pak-China Fertilizer - -
TOTAL 2,038 970
Financial Assets
5 Schon Bank 1,994
6 Schon Modaraba 265
Unlisted Companies
Schon Refinery
Schon Air
Schon Mineral
Schon Chemical
Schon Hosiery
Schon Export House
Schon Capital Market
DADA BHOY
Abdul Ghani Dada Bhoy was the founder of Dada Bhoy group, starting in trade and branching off into the construction business. The group has a big share of cement market in Southern Pakistan.
Like other Memon groups, Dad Bhoys are closely linked through intermarriages with other leading families like Jaffer and Bawany.
Abdul Ghani Dada Bhoy had five sons and two daughters, namely Noor Mohammad Dada Bhoy, Mohammad Farooq Dada Bhoy, Mohammad Hussain Dada Bhoy, Abdullah Hussain Dada Bhoy and Ghulam Mohammad Dada Bhoy. Daughters are Mrs Mehrunisa Jaffer and Mrs Zaibunisa Tanveer
S No Name Assets Turnover
1 Dadabhoy Padube
2 Pak-German Prefab 51 10
3 Dadabhoy Cement Industries 1,965 896
TOTAL 2,016 906
Financial Assets
4 Dadabhoy Leasing 151
5 Pak Resources Insurance
Unlisted Companies
Dadabhoy Agencies (pvt) Ltd
Dadabhoy Investment (pvt) Ltd
Dadabhoy Housing (pvt) Ltd
Dadabhoy Construction Company
Agro-Forestor (pvt) Ltd
Dadabhoy Engineering (pvt) Ltd
Parero Industries
Chemin Industries
Dadabhoy Energy Supply Co
Possible
Quartz (pvt) Ltd
Karachi Lubricant Ltd
RUPALI
SNo Name Assets
1 Rupali Plyster 1910
2 Sunari Bank 12,838
SITARA
S No Name Assets Turnover
1 Sitara Spinning 497 329
2 Sitara Energy 1,122 439
COLONY
Mian Mohammad Ismaeel Sheikh was a business magnate who headed the biggest industrial and commercial concerns owned by Muslims in the present-day Pakistan, and in pre-partition India. The group set up its first factory in 1898, first flour mill in 1908 and at the time of partition comprised 14 ginning factories and 4 flour mills. A Crescent and Star was the insignia of the group.
The group lost heavily to Bhutto's nationalization and it was left only with a few textile mills, flour mills and ginning factories.
The fate of the parent company Sheikh Mohammad Ismaeel and Company and Messes Sheikhco Co Ltd are not known.
S No Name Assets Turnover
1 Suhail Jute 193 118
2 Colony Sarhad 422 217
3 Colony Woolen 7 -
4 Colony Textile 196 291
5 Nafees Cotton 683 544
6 Colony Thal Textile - -
7 Salman Noman 119 196
TOTAL 1,620 1,366
Financial Companies
8 National Security Insurance 94
PREMIER
This group has developed around one of the oldest sugar mills in Pakistan namely Premier Sugar Mills belonging to a Hindu family which changed hands at the time of partition and was bought over by Sarfraz Khan, father of late Mir Mohammad Afzal Khan, a minister in Zulfikar Ali Bhutto's cabinet.
The current chairman of the group, Abbas Sarfraz is among the few who have declared their assets to worth over 1 million dollars.
S No Name Assets Turnover
1 Premier Sugar 655 302
2 Chasma Sugar 643 626
3 Frontier Sugar 135 170
4 A R Pak 68 -
TOTAL 1,501 928
SHAHNAWAZ
Chaudry Shahnawaz was the sole distributor and agent of Mercedez Benz when he launched Shezan International Limited in 1965, to manufacture juices, preserving and canning fruits, vegetables and their products. Although not so prominent among the 22 families, Shahnawaz is one of the leading industrial conglomerate of agricultural processing industries, sugar and textile mills. It is currently headed by Muneer Nawaz who is one of the 30 odd Pakistani nationals who have declared their assets to be in excess of 1 million dollars in 1993.
The real strength of the group still lies in the parent company Shah Nawaz Limited which has grown into one of the biggest trading company in Pakistan representing multinationals like the Mercedez Benz, NEC computers and communication equipment and is heavily involved in the import and export business with former socialist countries.
S No Name Assets Turnover
1 Shah Taj Sugar 554 605
2 Shezan International 314 682
3 Shahnwaz Textile - -
4 Shah Taj Textile 199 192
5 Benz Industries - -
6 Shah Pur Textile 232 233
7 ? Modaraba
Unlisted Companies
Hatter Fruits (pvt) Ltd
Shah Nawaz Ltd
FAZAL
S No Name Assets Turnover
1 Mubarik Textiles 346 119
2 Fatima Enterprise - -
3 Fazal Textile - -
4 Reliance Textile - -
UMER
S No Name Assets Turnover
1 Bhenero Textile 457 665
2 Blessed Textile 320 209
3 Faisal Spinning 349 326
Unlisted Companies
Al-Fajr Manufacturer of Hush Puppy Shoes
CALICO
S No Name Assets Turnover
1 Ice Textile 711 676
2 Ideal Spinning 318 392
3 Calico Cotton 47 75
4 Ashfaq Textile 159 129
TOTAL 1,235 1,272
Unlisted Companies
Arshad Textile
ADAMJEE
" In a society, deep neck in corruption, I more often than not, find myself a misfit. There is no place for a veteran businessman anymore in the socity ".
G M Adamjee
The Adamjee dynasty was founded by Haji Dawood in 1896 by establishing a commodity trading company, but it was his son Sir Adamjee Haji Dawood , under whom the Adamjee empire came to be built on a solid foundation. In 1923 he built a Match factory outside Rangoon, second biggest in the world for a long time. At the time of partition, Adamjee were the biggest exporter of jute from Calcutta.
Abdul Wahid Adamjee had three sons, namely Mohammad Hanif, Abdul Hamid and Abdul Razak.
A G Adamjee s/o Zakaria Adamjee has two sons Akbar Adamjee and Zafar Adamjee. G M Adamjee has Ashraf Adamjee.
Adamjee Jute Mills was the biggest jute mill in the world, employing 25,000 workers and producing 100,000 tons of Hessian and gunny bags. Other units in the group in East Pakistan included:
Primier Lamination producing polythene laminated jute goods.
Meghna Textile Mills
Star Particle Board
National Tubes Limited at Tongi Industrial Area
Dacca Vegetable Oil Industry and
Aroma tea blended from five tea gardens at Sylhet
In addition Adamjee had stakes in other business concerns in East Pakistan like Karnaphuli Paper Mills of Dawood and Bengla Assam Steamship.
In Bhutto's nationalization they lost Muslim Commercial Bank and interest in Mohammadi Steamship Company, leaving them only Adamjee Sugar Mills and Adamjee Cotton Mills, Karachi.
Adamjee own Pakistan's biggest insurance company, Adamjee Insurance but do not rank among top 44 groups based on manufactruing assets. However like the Habib group they are also making conscious efforts to appear small and inconspicuous. For example they have set up a big pharmaceutical unit whose products are being sold in the market under the packing of Adamjee without identifying the company.
S No Name Assets Turnover
1 K S B Pumps 343 385
2 Adamjee Paper 180 86
3 Mehran Jute 91 97
4 Adamjee Flooring 62 5
5 Adamjee Ploycraft - -
TOTAL 676 573
Financial Compnies
6 Adamjee Insurance 2,000
Unlisted Companies
Adamjee Diesel Engineerin (PAK) Pvt Ltd
Adamjee Pacific Trading Company
Adamjee Engineering Pvt Ltd
Adamjee Construction Company
Adamjee Ammam & Whitney Pak. Ltd
Adamjee Durabuilt (Pvt) Ltd
Adamjee Auto Part Manufacturing Company
Adamjee Industries Ltd
Adamjee Garment Industries
Associated Trading Company
AJAX Industries (Pvt) Ltd
AJAX Trading Company
Golden Valley Trading Company
Mingle Trading Company Ltd
Eurasian Chemicals (Pvt) Ltd
TAWAKKAL
S No Name Assets Turnover
1 Tawakkal Limited 390 611
2 Tawakkal Garments 454 239
3 Hamraz Industries 198 290
4 Tawakkal Polyster 261 69
5 Baluchistan Wheels 375 148
6 Naya Daur Motors - -
TOTAL 1,768 1,357
Financial Companies
7 Tawakkal Modaraba 644
8 Unity Modaraba -
Unlisted Companies
Tawakkal Exports
Tawakkal Enterprise
Tawakkal Builders
Tawakkal General Export Corporation
Tawakkal Textile Corporation
Pullatan Cement Corporation in Sri Lanka bought for 41 million Dollars
JEHANGIR ELAHI
Jehangir Elahi is brother in law of Mian Mohammad Mansha and is ranked among the top 44 industrial groups in Pakistan. He has launched several projects as joint ventures with Mian Mohammad Mansha, as for example Genertech, one of the earliest private sector power plants conceived in Pakistan.
Independently his group has four companies listed on the stock exchange.
S No Name Assets Turnover
1 Taj Textile 1,304 359
2 Elahi Cotton 130 188
3 Elahi Spinning and Weaving 604 564
4 Elahi Electric 497 -
TOTAL 2,535 1,111
Unlisted Companies
Elahi Enterprise
White Cement
KASSIM DADA
Kassim Dada comes from one of the oldest Memon enterpreneurs family from the sub-continent which had set up Dada Commercial house in the 19th century. Long before the creation of Pakistan, the Dadas had set up offices in Burmah, South Africa and countries of the Far-East. It was as a representative of Dada Commercial House "(DADA Abdullah and Company)" that M K Gandhi went to South Africa, as a lawyer in 1893.
The Dadas were reported to have set up several big and medium sized projects in Pakistan, " While retaining their interests in India ", including as asbestos Cement Factory plants at Karachi, Hyderabad and Chittgong, three textile mills, cotton and chemical plants. At least three cement plants were lost in East Pakistan and in Bhutto's nationalization.
" But the Dada's share in Pakistan's big business, and their capital must not be judged only on the basis of enterprises which they control directly. The point is that the Dadas who have continuously held ruling positions in Karachi Stock Exchage, have made wide use of concealed forms of financial control. They have also been junior partners in a number of of Pakistani and foreign monopolies ", Sregey Lvin observed abut Dadas in " the upper bourgeoisie from the Muslim commercial community of Memons of Pakistan".
S No Name Assets Turnover
1 Dadex Entrite 791 683
2 Punjab Building Products 104 52
TOTAL 895 755
Kassim Dada hold major local equity in the following Multinationals.
Smith Kline
Brook Bond
Berger Paints
Kassim Dada was sponsoring director in Hyderabad Elecronics, Aumotative Battery Limited and Interfund Bank.
KOHISTAN
S No Name Assets Turnover
1 Masood Textile 1,016 1,191
2 Mahmood Textile 938 2,018
3 Asim Textile 447 182
4 Kakakhel Industries 132 410
TOTAL 2,578 3,801
Unlisted Companies
Aizad Beverages Industries (Pvt) Ltd
Punjab Agricultural Cooperative Corporation
Mahmood Power Generation
The group also hold the frunchise for Coca Cola in the Faisalabad area and appears to have acquired Khurshid Textile Mills since it was in connection with rescheduling of a Rs 800 million loans relating to this mill that former zonal chief of Habib Bank G M Khairati was arrested in 1996, on complaint of MNA Shahid Nazir, for seeking commission from him.
Nishat is Pakistan's biggest industrial and financial conglomerate controlling assets worth Rs 192 billion and its Chairman, Mian Mohammad Mansha Yahya represented on the board of 45 companies is undisputedly Pakistan's richest individual.Mian Mansha has catapulated to the top of Pakistan's richest families from the 15th position in 1970 and 6th in 1990 because of combination of factors like his marriage to Naz, daughter of Yusuf Saigol, a lot of luck and bit of politics under Nawaz Sharif.
" Investing in the shares of Muslim Commercial Bank (MCB) has been one of my biggest business slip ups. In hind sight, I should have never invested in this bank", Mansha told Ayesha Haroon of daily, The Nation, Islamabad when asked to comment on the general perception that MCB was privatized to him and his associates because of his friendship with Nawaz Sharif.
Windmills of God work in strange ways. In 1948 when Mansha's father Mian Mohammad Yahya and his three brothers incorporated a partnership concern, it was called Nishat Corporation after Nishat Haroon, the three year old grandson of Mian Mohammad Yaqub, eldest of the four brothers. The child who gave his name to the group has disappered in thin air and Mian Mohammad Mansha, Chairman Nishat Group is today on top of Pakistan's corporate world, boastfully accustomed to buying his casual outfit from Harbe Frog on Bond Street, shoes enevitably from Gucci, cardigons and overcoates from Burbery's.
Mansha was the only son of Mian Mohammad Yahya whose death in 1968 forced him to give up studies in UK to return home since several of his cousins, Abdul Aziz, Aftab Iqbal and Mian Mohammad Farooq were already entrenched in the family business. Nishat Haroon was born to Mian Farooq who was married to the daughter of Mian Fazal Rehman of United Textiel Mills, Multan.
Like several other Chinioti businessmen, Mian Yahya had a leather business in Calcutta, India before moving to Pakistan in 1947 and it was perhaps in Calcutta that he developed friendship with Yusuf Saigol that led to the marriage of Mansha and Naz Saigol sometimes around 1970.
In 1970, Nishat comprised 6 units in West Paksitan, namely Nishat Corporation, Nishat Sarhad Textile, Nishat Textile Mills, Faisalabad, Nishat Chemical Industries and Nishat Agencies, Kotri and Karimi Industries, Nowshera.
The units in East Pakistan included Nishat Jute Mills, Qadaria Textile Mills, Tangail Cotton Mills and Chemical Industries of Pakistan. The business in East Pakistan was headed by Aftab Iqbal, one of several cousins of Mian Mansha whose where abouts are not known today.
It is popular saying among the present day residents of Chiniot that the goddess of wealth is in love with the Chiniotis. But Mansha is perhaps being loved by both the goddess of love and lady luck since he has narrowly escaped the misfortunes that were the lot of the bulk of Pakistani Industrialists in 1970.
When divisions of Nishat group assets took place in 1969, Mansha bargained for Nishat Mills at Faisalabad for which he had to pay an additional amounts to his uncles but this saved him from losses in East Pakitan that became the lot of his uncles. Karimi Industries, Nowshera of Nishat group was nationalized and its nationalization is cited to argue that Bhutto's nationalization was an act of victimizing the opponents because it was too small to be nationalized. But loss suffered in Karimi Industries also came to lot of his uncles.
" I have had many lucky breaks. Luck has always been on my side. New projects just crop up before I have stopped doing the old ones", Mansha told Mahmood Awan of daily The Nation in 1990.
Mansha's rise begin in 1991 when within six week of coming into power Nawaz Sharif sold MCB to National group of 12 leading industrial families headed by him. The formation of National group itself was big strategic stroke of Mian Mansha against future reprisal by any govt since it would instantly alienate 12 leading industrial families of Pakistan.
According to group profile, Nishat comprised of five companies with assets worth Rs 2,480 millions in 1990 with plans for four new companies. Listed comapnies included Nishat Mills, Omer Fabrics and Raza Textiles while the only unlisted company was General Stitching company. Mansha had said in interview with Mahmood Awan that "for long-term investments, he had his eyes set on the food processing industry" but the privatization of Nawaz Sharif opened new doors for him and his dream to venture into food processing industry has not materialized to date. Instead, Mansha, his relativess and business associates emerged as the biggest beneficiary of the privatization under taken by Nawaz Sharif, ending up with five cement factories and a bank. Mansha claimed in a talk over telephone with the author that MCB helped the Employee Buyout of Millat tractors from the Privatization Commission.
Nishat currently comprises of 21 companies including 13 listed companies with manufacturing assets of nearly 27 billion and three of Mansha's close relatives, Saigols, Jehangir Elahi and S M Saleem of United Bank among the top 45 industrial families in Pakistan. Mansha has a daughter and two sons.
Nishat Group Companies
S. No Name Assets Turn over in Million Rs.
1 Nishat Mills 9,236 6,748
2 Raza Textiles 302 421
3 Omer Fabrics 854 629
4 Nishat Chunian 910 663
5 Nishat Tek 986 236
6 General Stitiching 78 68
7 D G Khan Cement 7,775 1,547
8 Maple Leaf Cement 6,686 1,030
9 Nishat Fabrics - -
10 Gener Tech 963 225
Financial Assets
S. NO Name Assets
11 Muslim Commercial Bank 163,325
12 Fidelity Investment Bank 1,502
13 Fidelty Leasing 318
Total Financaial Assets 165,145
Unlisted Companies
1- Nishat Finishing Mills
2- Nishat Capital Management
3-Trust Management Services
4-Chunian Fibre
5-Nishat Europe
6-Newbery Mansha
7-Maple Leaf Electric Company
8-D G Khan Electric Company
The Saigols
Wealth by itself is a curse.
Yusuf Saigol, The Friday Times 20.5.93.
The Saigols moderately describe themselves as " an erstwhile family of traders " but they are Pakistan's Tatas and Birlas and have remained Pakistan's wealthiest industrial clan for last five decades despite the fluctuations in their fortunes and a brief interlude (1972-77) during which they tried their luck in Saudi Arabia.
" The first LC for a textile mills at the State Bank in independent Pakistan was opened for Kohinoor Textile Mills" set up at an esteemed cost of Rs 8 million in 1948, Nasim Saigol said in an interview with the author.
Amin Saigol, the founder of Saigol dynasty hailed from village Khotian, now Saigolabad in Jehlum and had migrated to Calcutta in 1890 where he started a shoe shop which led tho Bihar Rubber Works in 1938, later christened as Koh-i-Noor Rubber Works. It was one of the biggest rubber manufacturing concerns of pre-partitioned India.
Amin Saigol had four sons, of which three- Yusuf Saigol, Bashir Saigol and Sayed Saigol migrated to Pakistan in August 1947 but fourth Gul Saigol stayed back in India taking care of the leftover business until it was expropriated by Indian govt, as enemy property in the 1965 war.
The Saigols have grown with country, setting up factory after factory, industry after industry. Their biggest project was Kala Shah Kaku Chemical Complex near Lahore which comprised five units namely Kohinoor Rayan Ltd, United Chemicals, Insecticides (Pakistan) Ltd, Kohinoor Oil Mills Ltd and Kohinoor Engineering Ltd. Starting with a textile mills in 1947, in less than two decades, they had their fingers in almost every business in Pakistan ranging from chemicals, synthetic fibres, cooking oil, sugar, engineering, construction and banking.
The Saigols launched United Bank in 1959 and when nationalized in 1974 it had 668 domestic and 31 overseas branches. All the five units of Kala Shah Kaku Complex were nationalized in 1971 and according to Nasim Saigol, the family lost 70% of its assets in Bhutto's nationalization.
Only textile wing escaped nationalization but as Pakistan People's Party manifesto had envisaged the nationalization of big textile units also, no new investment was made in the textile industries during the six years of Bhutto rule.
Like many other Pakistani industrialists, the Saigols lived out the Bhutto era abroad, in Saudi Arabia where they launched Conforce Construction Company in collaboration with Germany's Veba Group who is said to have put up nearly 100 million dollars for trading in cement and other construction material in the Gulf countries. The management was entirely left with Saigols but the partnership quickly fell through and the Saigols were put through the legal grinder.
In 1976 Saigols decided to split, apparently as a part of the strategy to spread the eggs in many baskets. The assets that had escaped nationalization comprising of textile mills at Faisalabad, Rawalpindi and Quetta, sugar mills at Jauharabad, Conforce Limited and Saigol Brothers limited were divided among 15 male descendants of the founding fathers.
The Saigols are currently operating in three distinct groups headed by Nasim Saigol, Tariq Saeed Saigol and Rafiq Saigol.
Yusuf Saigol who founded Kohinoor Textile Mills and United Bank Ltd was the moving force behind the Saigol dynasty. Like John D Rockfeller who had six children , he had a big family, six sons and two daughters. Sons are Mohammad Rafiq, Mohammad Shafiq, Nasim, Javed, Azam and Aftab Saigol. One of the daughters Naz was married to Mian Mansha and the second to a cousin.
Bashir Saigol was assigned the managing directorship of Kohinoor Textile Mills, Rawalpindi and Conforce Limited. He is survived by son Iqbal Saigol, who heads his own small group. After the division of the family silver, KTM Rawalpindi came to the lot of Tariq Saeed Saigol who is now heading his own Kohinoor group.
Saigol group headed by Nasim Saigol is perhpas Pakistan's biggest group in engineering goods industry with projects on the anvil for a car assembly plant with Daewoo and motorcycle assembly plant with Qingqi group of China. It is also the biggest manufacturer of air conditioners, deep freezers and electric good supplied to WAPDA.
Nasim Saigol group
S.No Name Assets Turnover
1 Kohinoor Indurties 2,428 2,265
2 Azam Textile 407 462
3 Saritow Spinning 333 183
4 Pak Electron 1,589 1,309
5 PEL Appliances 349 360
6 Kohinoor Power 614 243
7 Kohinoor Energy - -
Total 5,720 4,822
Financial Assets
8 Union Bank 8,832
9 Union Leasing 172
Total 9,004
Farooq Saigol Group
S. No Name Assets Turnover
1 Mohib Textile 3,206 1,429
2 Kohinoor Sugar 811 308
3 Mohib Exports 714 651
4 Kohinoor Edible Oil 639 897
5 Security Safe Deposits - -
Manufacturing Assets 5,370 3,797
Tariq Saeed Saigol
S. No Name Assets Turnover
1 Kohinoor Textile 1,843 1,078
2 Kohinoor Gujar Khan 372 418
3 Samin Textile 587 728
4 Kohinoor Raiwind 653 578
5 Kohinoor Weaving Ltd - -
6 Kohinoor Genertech - -
Total Assets 3,455 2,802
Iqbal Saigol
S. No Name Assets Turnover
1 Kohinoor Looms 296 211
2 Saitex Spinning 157 183
3 Sally Textile 204 249
Total 657 643
Unlisted Companies
Nasim Saigol
Saigol Computers (Pvt) Ltd
Saritow Pakistan Ltd
Conforce International
Saigols (Pvt) Ltd
Saigol Textile Mills Ltd
Alpha Textile
Summit Textile Mills
Saigol Estate (Pvt) Ltd
Smartelle Fabrics
Packing Industries (Pvt) Ltd
PEL-DAEWOO Electronics Ltd
Kohinoor Motor Works
Kohinoor England
Farooq Saigol
Mohib Fabrics Industries Ltd
Regent Knitwear (Pvt) Ltd
Regent Spinning Mills (Pvt) Ltd
Regent Marketing International Ltd
Regent Dying and Finishing Mills (Pvt) Ltd
Kohinoor Trading Company
Mohib Weaving Mills (Pvt) Ltd
Kohinoor Technical and Management Services (Pvt) Ltd
Purjosh Kissan (Pvt) Ltd
Regent Power Generation (Pvt) Ltd
Workforce (Pvt) Ltd
Kohinoor Consultants (Pvt) Ltd
Conforce Overseas (Pvt) Ltd
Kohinoor Engineering (Pvt) Ltd
Regent Cotton Industries
Regent Fibres
Regent Gineries (Pvt) Ltd
Regent Printing (Pvt) Ltd
Lease Pak Ltd
Oilman Ltd
Regent Cement Ltd
Tariq Saeed Saigol
Armani Textil
Zimpez (Pvt) Ltd
Maple Leaf Electric Company
Crescent
"The people who care for the people". It was in early 1910 that Shams Din of Chiniot and his four sons, Fazal Karim, Mohammad Amin, Mohammad Bashir and Mohammad Shafi set up a small tannery at Amritsar in India. By the time Pakistan was born, they had offices at Madarass, Jalandhar, Calcatta and Delhi.
After the birth of Pakistan, three of the four brothers returned to native land and in 1951, incorporated a trading company namely Mohammad Amin, Mohammad Bashir Ltd for export of Cotton and imports. Bashir settled in Karachi, Amin managed the operations from Lahore and Shafi worked in a ginning factory in Sargodha. According to Emma Duncan, in " Breaking the Curfew", Crescent family was alloted an industrial unit sprawling over 125 acres in Faisalabad, in lieu of the property left over in India, which was to become the spring board of their growth and diversification.
By mid 1960s Fazal Karim also returned to Pakistan and the four brothers fondly known in the business community, as the " The gang of four" soon became Pakistan's biggest textile exporters. They were also joined in the business by their two cousins. Crescent, today has the largest number of listed companies (22) in its fold with assets exceeding Rs 10 billion. It is the soundest, if not the largest industrial conglomerate in Pakistan and last of the 22 families which has remained united through thick and thin, the best and the worst times for big business in Pakistan during last 50 years. Presided over by eldest member of the family, Mazhar Karim, the group has twenty working members and can be truely called a joint venture of uncles, cousins and nephews.
In a communication to the author in 1993, the group maintained that " there has been no split whatseoever and Crescent group exists in the same shape as it has always been since its inception" but there are recent indications that for administrative convenience rather than for some other reason the group has been subdivided.
Crescent has the slogan of " the people who care peopel" and belongs to the enterprising Chinioti community who have the general reputation of never transferring their money abroad. Crescent particularly has the reputation of being truly rooted and entrenched in the Pakistani Soil and is considered to be a conscientious tax payers.
An article in Weekly Friday Times in the first week of April 1993 described Crescent as " one of the oldest, largest and most distinguished business concerns in Pakistan, an exemplary tax payers and investors of every penny earned back into their business of the home country".
Crescent lost its shipping line with two vessels, Shams and Karim in Bhutto's nationalization and although Crescent Investment Bank was first private sector bank to start operations in 1990 and had set up a seperate division to take part in privatization, it did not bid for any unit during Nawaz Sharif's privatization. However it registered one of highest growth rate during Nawaz era and launched a large no of new companies particularly Modarba and leasing companies during 1990-93.
Crescent Listed Companies
S no Name Assests Turnover
1 Crescent Textile 3,159 894
2 Crescent Spinning 582 209
3 Shams Textile 556 592
4 Elite Textile 161 297
5 Crescot Mills 122 324
6 Jubilee Spinning 680 322
7 Surraj Cotton 458 533
8 Crescent Steel 676 760
9 Crescent Jute 1,007 672
10 Shakarganj Sugar 1,630 1,090
11 Crescent Board 605 457
12 Crescent Sugar 950 958
Total 10,568 7,108
Financial Companies
S.No Companies Assets
13 Crescent Bank 6,558
14 Premier Insurance 333
15 First Crescent Modarba 473
16 First Elite Capital Modarba 155
17 First Equity Modarba 355
18 Crescent Leasing Corporation 250
19 Paksitan Industrial Leasing Corporation 4,202
20 Trust Investment Bank -
Total Financial Assets 12,353
Unlisted Companies
Sargodha Cotton Fabrics (Pvt) Ltd
Crescent Software
Crescent Knitwear
Shams Fabrics
Crescent Trading Corporation
Crescent Group Services (Pvt) Ltd
Crescent Modarba Management Services
Tex Mac Services
Crescent Management Services
Crescent Power Plant Limited
World Class Textile Mills
Jhang Electric Supply Corporation
Crescent Greenwood
Shams Food Products Ltd
Ujala Cotton Mills
Crescent Factories Ltd
Karachi Bulk Storage and Terminal Ltd
Mohammad Amin and Mohammad Bashir Ltd
Shakarganj Mills Ltd
Shams Woolen Mills
Crescent Power Tch Ltd
Pir Mohammad Associates
Crescent Marketing Services (Pvt) Ltd
Crescent Industrial Chemicals
International Housing Finanace Ltd
Dewan
Listed Companies
S. NO Names Assets Turnover
1 Dewan Textile 1,008 1,646
2 Dewan Mushtaq 268 270
3 Dewan Khalid 506 538
4 Dewan Sugar 708 1,055
5 Ishtiaq Textile 204 155
6 Dewan Salman Fibre 7,419 6,219
Total Manufacturing Assets 10,113 9,883
Financial Companies
7- Metropolitan Bank ( With Gul Ahmad)
Unlisted Companies
Dewan Mushtaq Sons
Dewan Steel Mills
The House of Ittefaq
Ittefaq means unity and it was an appropriate name when Mian Mohammad Sharif, father of Prime Minister Nawaz Sharif and his six brothers founded Ittefaq foundry in 1939. The House of Ittefaq, the industrial conglomerate of Prime Minister Nawaz Sharif's family is not unity anymore and 119 offspring's siblings and spouses of the seven founding brothers are currently battling in courts for the division of the assets of the Ittefaq group.
The House of Ittefaq claims to have lost an industrial unit in East Pakistan, besides losing Ittefaq foundry to Bhutto;s nationalization. In the aftermath of nationalization Mian Mohammad Sharif tried luck in UAE where he set up a steel re-rolling mills. He is reported to have told his family that while leaving for UAE that he would not return till the mill was ready. The factory was therefore, completed on time but proved too taxing for aging Mian Sharif in an unfamiliar enviroment and therefore, he returned after operating it for about a year or two.
Lady luck smiled on the Sharif family when in late 1970's General Zia ul Haq returned them Ittefaq foundry and Nawaz Sharif was appointed finance minister in the Punjab cabinet. By that time the House of Ittefaq comprised of following five enterprises.
Ittefaq Textile
Nawaz Shahbaz Enterprise
Jawaid-Pervaiz Enterprise
Ittefaq Brothers (Pvt) Ltd
Khalid Siraj Industries (Pvt) Ltd
New industrial units were set up with electrifying speed in the 1980's while Nawaz Sharif was the finance minister and later chief minister of Punjab. Ittefaq Sugar Mills was set up in 1982, Brothers steel in 1983, Brother's Textile Mills in 1986, Ittefaq Textile units in 2-3 in 1987, Khalid Siraj Textile Mills in 1988.
During first Benazir govt when Nawaz Sharif was the uncrowned King of the powerful Punjab province, the group started work on Brothers Sugar Mills and Ramzan Sugar Mills which turned out to be the last project set up under the banner of Ittefaq. As soon as Nawaz Sharif became Prime Minister in 1990, Mian Mohammad Sharif switched over to setting up projects independent of the other partners, thus laying the grounds for split.
It was said that when Nawaz Sharif became prime minister, the group took a decision to secure project loans from the foreign banks and only working capital was taken from the nationalized commercial banks. The project financing from foreign banks was ostensibly secured against the foreing currency deposits, a number of which were held in benamee accounts, as repeatedly claimed by Interior Minister Naseer Ullah Babar at his press conferences.
At a press conference in Islamabad, on August 3, 1989 Shahbaz Sharif was gave the assets of the group at Rs 3.6 billion, but the report of the Cooperative Scam Tribunal estimated the group assets in 1989, according to their own declaration at Rs 6 billion.
In 1992 when Salman Taseer, Information Secretary, PPP released an account of Nawaz govt's corruption in a booklet "The Plunder of Pakistan" a spokesman of House of Ittefaq said in a counter statement that the group has incurred loans worth Rs 4,420 million only from the commercial banks contrary to Salman Taseer 's claim of Rs 12 billion. According to the spokesman, the group comprised of only 14 companies in its fold with assets of 6 billion.
H U Beg Committee, set up by Nawaz govt in 1990 to investigate the allegations of concentration of wealth had identified 19 companies in the House of Ittefaq with assets worth Rs 10 billion and for the purpose of ranking in this book. I have relied on the estimates of the H U Beg Committee. However at a press conference in Islamabad, on March 2, 1994, Khalid Siraj, a cousin of prime minister claimed that the assets of the seven brothers were valued at Rs 21 billion.
The units in Ittefaq as identified by H U Beg Committee included three listed companies, 12 unlisted public companies and 4 private limited companies.
The Friday Time issue of April 25, 1997 reported that the Sharif group of Mian Mohammad Sharif has started work on Kashmir Sugar Mills and Bashir Sugar Mills for which it was seeking hefty loans from commercial banks. Work is also in progress over a sprawling New Sharif Medical City, opposite the big residential farm of the Sharif family on the Rai Wind Road. The group is also working on Yousaf Aziz Sugar Mills at Kasur and another at Shah Kot.
According to agreement reached in Lahore High Court by members of the family sometimes in 1996, the House of Ittefaq has split in two groups. The first comprised of the families of Mian Mohammad Sharif, Mohammad Shafi, Barkat Ali, Yousaf Aziz and Idrees Bashir while the second group comprised of the families of Meraj Din and Siraj Din. Members of the Ittefaq group are currently operating in three groups namely Sharif Group, Ittefaq Group and Haseeb Waqas Group. The three groups have only four companies listed on the KSE.
Listed companies
S. No Names Assets Turnover
1 Ittefaq Textile Mills - -
2 Brothers Textile Mills 262 -
3 Khalid Siraj Textile Mills 228 239
4 Haseeb Waqas Sugar 1,163 901
Sharif Group
Ittefaq Textile
Mehran Ramzan Textile
Brothers Textile Mills
Ramzan Baksh Textile Mills
Mohammad Baksh Textile Mills
Hamza Spinning Mills
Ittefaq Sugar Mills
Ramzan Sugar Mills
Chaudri Sugar Mills
Ittefaq Foundry (Pvt) Ltd
Brothers Steel Mills
Ittefaq Brothers (Pvt) Ltd
Ilyas Enterprise
Hudaibiya Paper Mills
Hamza Board Mills
Hudabia Engineering
Khalid Siraj Industries
Ali Haroon Textile Mills
Hanif Siraj Textile Mills
Farooq Barkat (Pvt) Ltd
Abdul Aziz Textile Mills
Barkat Textile Mills
Sandalbar Textile Mills
Haseeb Waqas Rice Mills
Sardar Board and Paper Mills
Model Trading House (Pvt) Ltd
Haseeb Waqas Group
Haseeb Waqas Sugar Mills
Haseeb Waqas Engineering
Haseeb Waqas Farms Ltd
Haseeb Waqas Rice Mills Ltd
Source: Assets declared by Nawaz Sharif in the 1997 elections. H U Beg Committee and list of units in the Ittefaq group provided by Khalid Siraj at his press conference on March 2,1994.
Chakwal
The founders of Chakwal group migrated to West Pakistan in 1971 from East Pakistan and set up Chakwal Textile Mills at Chakwal, a small city in Northern Punjab near Rawalpindi. Today it has grown into multlimillion rupees conglomerate owning and operating at least 15 companies including several textile mills, a privatized cement plant, a polyester fibre plant and Commercial Bank, Fidelity Investment Bank and Trust Leasing.
According to Business Recorder of February 8, 1998 the group was facing fraud charges in the Special court of crimes in Banking Circle, Karachi for defrauding National Investment Turst (NIT) to the tune of Rs 288 million by showing inflated value of Chakwal Cement to get NIT units. Khawaja Mohammad Javed is the chairman of the group and is related by marriage to Mian Mohammad Mansha and Tariq Saeed Saigol.
Listed Companies
S. No Company Assets Turnover
1 Amin Spinning Mills 280 201
2 Kohinoor Spinning 1,232 799
3 Chakwal Spinning 731 103
4 Yousaf Weaving 1,052 961
5 Dandot (Chakwal) Cement 1,297 762
6 Dhan Fibre
7 Kohinoor Fibre
Total 4,592 3,026
Financial Assets
8-Platinum Bank 5,530
Unlisted Companies
Kashmir Textile
Kohinoor Minerals (Pvt) Ltd
Naveed Industries (Pvt) Ltd
Chakwal Textile
Chakwal Electric Supply CO
Chakwal Power CO
J M Knits (Pvt) Ltd
Y W M (Spinning units) Ltd
Saphire/ Gulistan
Listed companies
S No Name Assets Turnover
1 SaphireTextile 1,791 3,416
2 Saphire Fibre 1,223 1,830
3 Appolo Textile 295 363
4 Gulistan Textile 1,852 1,340
5 Paramount Textile 584 441
6 Gulshan Spinning 1,090 820
7 Gulistan Weaving 377 334
8 Reliance Cotton 371 360
Total Financial Assets 7,583 8,904
Unlisted companies
Amer Cotton Mills (Pvt) Ltd
Amer Fabrics Ltd
Neelum Textile Mills
Gulistan Fabrics Ltd
Diamond Fabrics
Habib
THE HOUSE THAT BUILT HABIB
" In Pakistan who has the money to buy Habib Bank, but the House of Habib", the representative of Habib group told reporters at the Privatization Commission in Islamabad in 1992 before submitting bid for the privatization of Habib Bank. The boast was justified but uncharacteristic of the Habib family which is known to make conscious efforts to appear small and stay out of the limelight by " hiding the light under the bush in the religious belief that to win the pleasure of Allah is worth infinitely more than to seek the plaudits of the public".
Habibs have spread their wealth over a large number of private and public companies and a profile of Rafiq Habib in Economic Review, Novemer 1984 (P 59) said that Habib group had 90 companies it its fold. I could identify only half of them.
The history of House of Habib goes back to middle of the last century when Esmail Ali of Jam Nagar, India set up a small utensil factory in Bombay. A son born to him in 1878 was given the name Habib who was to found the dynasty of House of Habib. Habib Ismaeel lost his father at an early age and circumstances forced him to join the business of his uncle-Cassum Mohammad, owner of Khoja Mithabai Nathoo, merchant and manufacturer of copper and brass utensils. It was because of his association with Mithabai Nathoo that Habib Ismaeel came to be known as Seth Habib Mitha.
The House of Habib hold many distinctions in Pakistan's history. Habib Bank was shifted to Pakistan on the personal bidding of Quaid-e-Azam Mohammad Ali Jinnah and came to the help of the nascent state " even before the Govt of Pakistan was ready to issue appropriate govt paper", with a Rs 80 million loan when the Rserve Bank of India failed to deliver Pakistan share of Rs 750 million held by it. It is said that Mohammad Ali Habib had presented a blank cheque on Llyod Bank to Quaid-e-Azam who wrote Rs 80 million in it. (An article in Habib Bank Golden Jubilee Presentation and a letter to the Editor in daily Dawn, September 11, 1991).
The Habib family is known to have set up offices in Vienna and Geneva as early as 1912 and incorporated Habib and Sons in 1921 which was dealing in brass, metal scraps and gold with " Lion of Ali " embossed on it which is till today the insignia of the Habib Bank.
Habib Bank was incorporated in 1941, as First Muslim Bank in India and was using its own assayed gold medallions. It is said that Mohammad Ali Habib ensured that these medallions were purer than the assayed stamp showed there were stories of customers finding out that the medallions were worth more the bargain.
Seth Habib had four sons and Aziz Haji Dossa, a reader of daily Dawn recalled in a letter to the editor on September 11, 1991 that " I used to watch the four sons of Habib Seth, namely Mohammad Ali, Ahmad, Dawood and Ghulam Ali drive every morning sharp at nine o'clock wearing silk yellow Sherwanies and caps, parking their cars in front of the Mohammad Shah Pir Graveyard and standing in line offering Fateha".
Mohammad Ali Habib who founded Habib Bank on August 7, 1941 had four sons, Suleman, Habib, Rafiq and Hyder and it is the group headed by Rafiq M Habib which is today known as House of Habib. The second group comprised sons of late Rashid D Habib but A G Zurich Bank incorporated as Habib Bank Ltd in Geneva, in 1967, is a joint venture of all Habibians and in keeping with the family traditions is still issuing its own gold medallion embossed with the Lion of Ali.
The group headed by Rafiq Habib is using five stars and holy Kalma as its insignia while Rashid Habib group is using lion and Sword of Ali as its insignia.
Rafiq M Habib group
S No Name Assets Turnover
1 Thal Jute Mills 354 448
2 Pak Jute and Synthetics 112 181
3 Pak Paper Sack 428 827
4 Shabbir Tiles 180 216
5 Dyno Pakistan 272 234
6 Indus Motors 2,318 4,722
7 Gypsum Corporation - -
8 Baluchistan Foundary - -
9 A U Vitronics 125 182
10 Agri Autos 313 248
11 Baluchistan Concrete - -
Total Manufacturing Assets 5,707 7,058
Financial Companies
12 First Habib Modaraba
13 Habib A G Zurich
Rashid D Habib
14 Habib Sugar 833 876
15 Habib RKD 326 403
16 Baluchistan Particles 146 104
17 Habib Insurance 199 -
18 Baluchistan Glass Particles 379 183
19 Habib General Limited - -
20 Baluchistan Concrete and Block Works - -
21 Hydri Construction 22 -
Total Manufacturing Assets 1,905 1,566
Financial Companies
22 Bank Al-Habib 4,657
Unlisted Companies
Rafiq M Habib
Visionate (pvt) Ltd
Hi-Tech Medial Group
Noble (pvt) Ltd
Thermax Pak Ltd
Cisum Music (pvt) Ltd
Rythem Recording (pvt) Ltd
Baluchista Laminate
Rapid (pvt) Ltd
Computers (pvt) Products Corp
Noble Computer Services (pvt) Ltd
Kraft Pac (pvt) Ltd
Tractable Khaleej Power Plant
Habib Industries Ltd
Habib Lockers
Habib Generals Ltd
Habib Investment Company
Starmit System Ltd
Habib Oil Mills Ltd
Habib American Bank
Habib European Bank
Master Enterprises (pvt) Ltd
Procon Engineering (pvt) Ltd
Capital Corporation Ltd
Filtron Pakistan Ltd
Habib Sugarcan Farms
Khyber Papers
Rashid D Habib
Habib Capital Management
Habib Leasing Corporation (pvt) Ltd
Habib Management Services
Habib Sons (pvt) Ltd
Habib Industries Ltd
Commodities Export Ltd
Cytozam Pak Ltd
Dentogen Laboratories Ltd
Pak Propylene
Pak Packages
Poly Propylene Products Ltd
Habib Maritime Ltd
Synthetic Jutet Ltd
Partico (pvt) Ltd
Proline (pvt) Ltd
Habib Sorbitol (pvt) Ltd
Habib Aglomeration (pvt) Ltd
Habib Microfine (pvt) Ltd
GUL AHMAD / AL-KARAM
Gul Ahmad is one of the oldest and most progressive among the Memon business houses in Pakistan. The group was founded by Haji Ali Mohammad Pakolawala and has now split between Gul Ahmad and Alkaram group of Industries.
Like several other Karachi-based groups of post-1947 era, Gul Ahamad has not added any single manufacturing units to its fold since 1971, except for the 150 MW Gul Ahmad Power commissioned in September 1997 and fairly unknown Ghafooria Industries. However Security Investment Bank and Metropolitan Bank have been set up in collaboration with two other leading industrial groups. The group chairman, Ali Mohammad was appointed vice chairman of Export Promotion Bureau by caretaker govt of Moeen Qureshi.
Al-Karam, however is operating nearly a dozen industrial and commercial units including one of the biggest synthetic units, Pakistan Synthetic listed on KSE.
Gul Ahmad / Alkaram
S. No Name Assets Turnover
1 Gul Ahmad Textile Mills 2272 2493
2 Globe Textile 742 853
3 Globe Textile (OEO) 147 232
4 Zaman Textile 177 186
5 Pak Synthetic 1443 1224
6 Chilya Corrugated 20 19
7 Nakshbandi Industries 419 454
Total Manufacturing Assets 5220 5451
Financial Companies
8 Security Investment Bank 997
9 Metropolitan Bank 11,825
Unlisted Companies
Alkaram Textile Mills
Muslim Cotton
Excell Textile Mills
Globe Garment Industries (pvt) Ltd
Ghafooria Industries (pvt) Ltd
PACKAGES
Syed Maratib Ali was a well known name even in the undivided India and his mansion, Ashiana, in Lahore was, and continues to be considered one of the wealthiest houses in this part of the sub-continent.
Maratib Ali family was entrenched in the import-export trade and was a supplier for the British Army and Indian Railway before the partition. The first foreign joint venture launched by the family, after the creation of Pakistan was a soap factory with Lever Brothers. However, the group has grown around Packages Limited and according to an anecdote Pakistan Tobacco Company (PTC) helped Maratib Ali family in launching this packaging units. It is said that PTC had imported a packaging plant for its cigarette manufacturing facility but because of some difficulties encouraged Packages to venture into the field by loaning the later the imported plant.
Maratib Ali had nine children and two of them, Syed Amjad Ali and Babar Ali served as Finance Ministers while two of his grandchildren, Syed Fakhar Imam and Syeda Abida Hussain have also served as federal ministers. Syed Amjad Ali served as Pakistan's first ambassador to the United Nations. Another scion of the family is Syed Mohsin Ali of the Mitchelles Ltd.
The chairman of Packages group, Syed Babar Ali was the eighth of nine children born to Syed Maratib Ali and Mubarak Begum. He served as chairman of National Fertilizer Corporation under Z A Bhutto and is also chairman of the Board of Directors of Hoeist Pakistan, Lever Brothers and Seimen. The group owns 20% equity in the newly set up Coca-Cola Beverages Pakistan Ltd, a trilateral project of Singapore-based Fraser & Neaves (C & N), Packages and Coca-Cola Private Ltd. The newly set up company has acquired Coca Cola plants in Karachi and Hyderabad and would be taking over all the 11 franchises of Coca-Cola in Pakistan.
Babar Ali is also one of the founders of Lahore University of Management Sciences (LUMS).
Packages Group Companies
S. No Name Assets Turnover
1 Packages 2696 2330
2 Zulfikar Industries 171 497
3 Milk Pak 945 2000
4 Treet 313 326
5 Mitchelles 113 96
6 Wazir Ali Industries 311 1036
7 Tri Pack Films 619 317
Total Manufacturing Asssets 5168 6602
Financial Companies
8 IGI 177
9 Interbank 738
Unlisted Companies
Systems (Pvt) Ltd
Kabirwala Dairies
Faizabad Rice Mills
Cattle Breeders Farm Ltd
Abbasi Textile
Hina Export Ltd
Ashiana Cotton Mills
CocaCola Beverages (Pvt) Ltd
ATLAS
Yusuf Shirazi, a former income tax official, self-proclaimed journalist founded the Atlas group in 1962 but suffered major blow in the seperation of East Pakistan by losing an Atlas Honda Motorcycle plant " turning me a pauper overnight and forcing me to move to a flat from a bunglow " (DAWN 7.10.95). Almost all his joint ventures are with Japanese collaboration.
S. No Name Assets Turnover
1 Atlas Honda 1896 1836
2 Atlas Cars (Pak) Ltd 2016 1301
3 Atlas Battery 134 260
4 Alwin Engineering 313 283
Total 4359 3680
Financial Companies
5 Muslim Insurance 90
6 Atlas-Bot Leasing 2206
7 Atlsa Bank Investment 659
Total 2955
Unlisted Companies
Clearance and Warehouse Ltd
Shirazi Farm
Shirazi Trading
Shirazi Investment
Atlas Information Technology
HASHWANI
Hashwanis have long been involved in trading in cotton, grain and steel and till the nationalization of cotton export in 1974 were known as Cotton Kings of Pakistan.
After the nationalization of cotton and rice trade, Hashwani brothers moved into hotel industry and today Sadruddin Hashwani operating the chains of Marriot and Pearl Continental Hotels is known as the Hotel King of Pakistan.
In 1985 when PIA decided to sell its 51% shares in Pakistan Services Limited , operating chain of Intercontinental hotels, Sadruddin Hashwani " walked away with the spoils", according to New York Times. The Rs 130 million bid money came from Investment Corporation of Pakistan (ICP) which was allegedly written off by Zia ul Haq.
In 1984 Haswnai defeated Lakhanis in the bid for Premier Tobacco but the two Hashwnai Brothers, Sadruddin Hashwani and Akbar Hashwani were arrested in 1986 when customs raided their tobacco factory, following seizure of several trucks loaded with cigarettes without payment of duty. The Hashwanis always suspected Lakhanis to have tipped the customs about the tax evasion, (The daily Dawn 24.5.86).
The Haswanis are currently operating in three seperate groups known as the Hashoo group of Sadruddin Haswani, Haswani group of Akbar Ali Hashwani and Hassan Ali Hashwani group comprised of the companies owned by the children of late Hassan Ali Hashwani.
Hashoo Group
S NO Name Assets Turnover
1 Pakistan Services 3364 1846
2 Exide Battery 296 513
3 Automative Battery 131 176
4 Hahsoo Steel 130 308
5 Souvenir Tobacco - -
Total 3921 2843
Financial Assets
8 New Jubilee Insurance 590
Akbar Hashwani
9 Regent Textile 230 192
10 Landmark Spinning 100 -
Total 330 -
Unlisted Companies
Hashwani Hotels
Murtaza Construction (pvt) Ltd
Bhurban Resorts (pvt) Ltd
Hassan Ali and Company (pvt) Ltd
Hassan Ali Sale and After Sale Services (pvt) Ltd
Hattar Accumulators (pvt) Ltd
Zaver Peroleum (pvt) Ltd
Gelcaps Pakistan Ltd
Hub Steel Company
Lakeview Properties
Pearl Tours and Travels (pvt) Ltd
Real Estate Investement Company
Pearl Continental Overseas (pvt) Ltd
Hassan Ali and Grains Ltd
Hashoo International (pvt) Ltd
Rex Talkies (pvt) Ltd
Associate Buolders (pvt) Ltd
Bagh-e-Korangi (pvt) Ltd
Bagh-e-Landhi (pvt) Ltd
Hashoo Modaraba Management Ltd
Hashoo Holdings (pvt) Ltd
Zaver Lubricants and Speciality Products
Zaver Chemicals Ltd
Zaver Mining Co (pvt) Ltd
General Pharecutical (pvt) Ltd
Continental Corporation (pvt) Ltd
Akbar Hashwani
Hashwani Construction (pvt) L
Syndicate Mines and Minerals (pvt) Ltd
AEG Pakistan Ltd
Cornonet Enterprise (pvt) Ltd
Panther Industries (pvt) Ltd
ACME Enterprise
Hassan Ali and Compan Cotton (pvt) Ltd
BIBOJEE
Listed Companies
S No Name Assests Turnover
1 General Tyres 1183 1935
2 JDM Textile 98 81
3 Babri Cotton 106 166
4 Bannu Woolen Mills 184 184
5 Gandhara Nissan 611 756
6 National Motors 692 271
7 Ghandhara Industries 102 756
8 Gammon Pakistan 152 -
TOTAL 3128 3393
Financial Companies
10 Chemni Leasing 581
11 Universal Insurance 56
Saif Ullah's Group
S No Names Assets Turnover
1 Kohat Textiles 216 256
2 Saif Textile 462 616
3 Lucky Cement 678 -
Unlisted Companies
Rehman Cotton Takhtbhai
Bibojee Services (pvt) Ltd
Bibojee Investment (pvt) Ltd
Usman Fabrics and Knitwear (pvt) Ltd
Advanced Computer Tec (pvt) Ltd
Frontier Txtile
Bannu Flour Mills
KSK Investment (pvt) Ltd
KKA Company (pvt) Ltd
Saif Beverages
Saif International Combine
Sarhad Prestressed Concrete
Pakistan Mobile Corporation
NASA Construction
DAWOOD GROUP
Dawood was ranked second biggest group in Pakistan in 1970 by Lawrence White but it was worst-hit by seperation of East Pakistan and the nationalization of Z A Bhutto with the result that it has not set up a single manufacturing unit during last 25 years. Yet it is ranked among the top 10 industrial groups in Pakistan in 1990 and was 14 in 1997.
Dawood group was founded by Ahmad Dawood but currently stands split among three Dawood brothers namely Ahmad, Sadiq and Suleman Dawood who are heading Dawood, BRR and Descen groups respectively. Not so well known, Ghani group was also carved out of the main Dawood group and is based on the shares held by in-laws of Ahmad Dawood in the parent group.
Dawood family members were put on exit control list and once they managed to leave the country, they lived out the Bhutto era in exile in Europe and United States. However Razak Dawood s/o Suleman Dawood shifted to Lahore and developed a group of Construction/ Engineering Companies today known as the Descen group.
Ahmad Dawood was born at Batva, Kathiawar in a Memon family. When partition took place, he had already set up a cotton ginning factory, an oil mill and vegetable ghee factory in India. He is reported to have told reporters that it was on the suggestion of Quaid-e-Azam Mohammad Ali Jinnah that he had migrated to Pakistan and incorporated Dawood Corporation for import and export trade.
Dawood Cotton Mills was set up in 1951 but business grew in leaps and bounds when Ahmad Dawood was associated with Muslim League and his brother Sadiq Dawood was a member of national assembly and treasurer of the ruling Pakistan Muslim League during the military rule of Field Marshal Ayub Khan.
Ahmad Dawood is now living a retired life and his business is being looked after, by son Hussain Dawood.
Ahmad Dawood Group
S No Name Assets Turnover
1 Dawood Hercules 2025 1615
2 Dilon Limited 155 76
3 Dawood Cotton 541 173
4 Burewala Textile 599 545
5 Lawrence Woolen Mills 329 248
Total Manufacturing Assets 3649 2657
Financial Assets
Central Insurance
First D G Modaraba
Second D G Modaraba
Sadiq Dawood Group
BRR Modaraba
Second BRR Modaraba
Equity International Modaraba
Orient Insurance
Dawood Leasing
Suleman Dawood
Transpack
Aisha Cotton
Unlisted Companies
Ahmad Dawood
Dawood Corporation
Dawood Hercules Engineering Group
Sach International
National Mines Ltd
D G Modaraba Management Ltd
Sindh Paper Mills (pvt) Ltd
Sadiq Dawood
Dawood International Ltd
Dawood Yamaha
CNPS Manufacturing, Trading (pvt) Ltd
Suleman Dawood
Descen Engineering
Descen Manufacturing (pvt) Ltd
Delta Industries (pvt) Ltd
United Refrigrators
Dawood Chem (pvt) Ltd
Consumers Product Ltd
MONNOO
Monnoos are Chinioti and are currently operating in three distinct groups. However, the biggest of the three, Kaisar Monnoo group is a joint venture of three brothers, Kaisar A Monnoo, Shehzada A Monnoo and Jehangir A Monnoo. The group has up to 15 textile mills in its fold but none listed on the stock exchange. According to press reports and interviews of the Monnoo family members, total assets of the main Monnoo group are valued at Rs 3 billion.
The present day Monnoo dynasty was founded by two Monnoo brothers namely Dost Mohammad Monnoo and Nazir Hussain Monnoo who migrated to Calcutta in the 1940s where they set up Olympia Rubber works. At the time of independence the rubber works was exchange with a textile mill owned by a Hindu in Nabiganj, Dhaka. The new factory was christened as Olympia Textile Mills. The name Olympia has been omenous for the Monnoos and that is why a number of their units have been named Olympia.
Kaisar Monnoo Group
Monnoo Industries
Lahore Textile and General Mills
Lahore Textile Unit-2
Tribal Textile
Margalla Textile
Rawal Textile
Margalla Textile Unit-2
Olympia Blended Fibre Mills-1
Olympia Blended Fibre Mills-2
Qureshi Textile
Jamhoor Textile
Jamhoor Textile Unit-2
Monnoowal Textile
Summudri Sugar
Monnoo Sales (pvt) Ltd
Kaiser Shahzada (pvt) Ltd
Ravi Production (pvt) Ltd
Monnoo Farms
Monnoo Orchars
Total Assets: 3605
Munir A Monnoo Group
Munir A Monnoo migrated from East Pakistan in 1971 and set up looms in Faisalabad. His first industrial project was Olympia Textile in the name and style of the factory he had left in East Pakistan.
Olympia Textile
Olympia Industries
Sheikhupura Feeds
Lahore Feeds
Punjag Feeds
Olympia Synthetic
Karachi Farms
Gulbahar Industries
Olympia Power Ltd
Another small Monnoo group is operating out of Karachi and comprises of
Olympia Spinning and Weaving Mills
Kotri Textile Mills
Kamani Textile Mills
FECTO
The name Fecto has been taken from the acronym of Far East Commercial and Trading Company set up by Ghulam Mohammad. A Fecto in East Pakistan. The psychological problems and fears that still haunt the big business particularly the Memons is evident from the manner in which Fecto group completely changed its identity, enen name after shifting their business from East Pakistan to West Pakistan.
Ghulam Mohammad A Fecto, the founder of Fecto group was known as Ghulam Mohammad Adamjee in East Pakistan but while setting up the business in West Pakistan, now Pakistan, he dropped the name Adamjee in fovour of the acronym Fecto and thus from Ghulam Mohammad Adamjee he has become Ghulam Mohammad A Fecto.
Fecto is a Memon group and Ghulam Mohammad A Fecto had migrated from Bombay to Dhaka in 1947 where he set up Far East Commercial and Trading Company dealing among other things, in electrical and home appliances. It entered into a joint venture, Fecto-Yamagen Electronics Ltd, with Toshiba in 1961 for the manufacture of Radios in East Pakistan. At the time of birth of Bengladesh he was managing director and director in at least ten companies including Fecto Ltd, Fecto-Yamagen Electronics , Dacca Radio Electronic Company, Fecto Agencies Ltd, Chaudary Fishing Company, Fecto Industries and Fecto Trading.
In the 1970 while other Memon groups were switching from industries to trading Fecto decided to venture into manufacturing by acquiring Adamjee Sugar Mills changing its name to Fecto Sugar Mills, followed by the setting up of another sugar mill and a tractor manufacturing unit. Presently the group has 14 companies in its folder including three listed on KSE.
S No Name Assets Turnover
1 Fecto Cement 2,471 1,376
2 Baba Farid Sugar 326 506
3 Fecto Sugar 744 528
TOTAL 3,541 2,410
Unlisted Companies
Belarus Tractors
Supreme Engineering Works
Pak Agro Forestry Corp
Fecto Chemicals
Fecto Orient (pvt) Ltd
Burban Printer Packages
F and B Storage Ltd
Fecto Pakistan Ltd
Fibre Textile Industries (pvt) Ltd
Frontier Paper Products (pvt) Ltd
Laminate Tech Ltd
LAKHANI (LAKSON)
Lakhanis have grown during the last two decades and are one of the three big Ismaeeli groups among top 22 families today. However they have been at loggerhead with one of the other Ismaeeli family i.e the Hashwanis over several corporate takeovers.
Sultan Lakhani is the eldest of the four brothers who have partnership in the group with units manufacturing detergents, soap, surgical instruments, paper and board, as well as food. Lakhanis claimed to have an annual turnover of 200 million dollars in 1990 and if ranked by turnover should come among the top ten but it would be mainly because of the sizable turnover of the Premier and Lakeson Tobacco. The group has recently won the coverted franchise for McDonalds Fast Food in Lahore.
Listed Companies
S No Name Assets Turnover
1 Premier Tobacco 442 2,206
2 Lakson Tobacco 511 2,405
3 Century Paper 1,117 1,104
4 Merit Packaging 73 197
5 Clover Foods 72 24
6 Tritex Cotton 253 291
7 National Detergents - -
8 Colgate 408 1,347
TOTAL 2,876 7,574
Financial Companies
9 Century Insurance
Unlisted Companies
Siza Commodity (pvt) Ltd
Accuracy Surgical
Siza Services (pvt) Ltd
Project Development Services
Star Development
FATEH
S No Name Assets Turnover
1 Fateh Textile 2,170 2,123
2 Fateh Sports Wear 420 157
3 Fateh Industries 253 240
TOTAL 2,843 2,520
Unlisted Companies
Bahawalpur Textile
Fateh Apparel
Fateh Garments
Fateh Furnishers
Fateh Jeans
Fateh Weaving Mills
Hotel Fateh Ltd
Nephew and Nephew
Walisons
SARGODHA
This is another Chinioti group founded by Mian Mohammad Aslam, 69 who returned to Pakistan in 1947 from India where he owned a leather tanning unit.
" I used to roam on bicycle from village to village, collecting skins for the tanners, earning a profit of One Anna (4 paisas) per skin", he was reportedly fond of telling his visitors.
Currently the group is facing litigation from Al-Mashriq Bank for default in the payment of a Rs 120 million loan.
S No Name Assets Turnover
1 Shahzad Textile 379 401
2 Shaheen Cotton 327 394
3 Shadab Textile 85 142
4 Sargodha Spinning 695 253
5 Sajjad Textile 512 215
6 Husein Sugar 358 560
7 Shadman Textile 387 394
TOTAL 2,739 2,359
Unlisted Companies
Nazir Cotton
Sargodha Jute
Shaheen Fabrics
Silver Fibre Spinning
ALNOOR
S.No Name Assests Turnover
1 Al-Noor Sugar Mills 944 752
2 Al-Asif Sugar 586 379
3 Shah Murad Sugar 104 926
4 Al-Noor Modaraba - -
TOTAL 2,573 2,057
Unlisted Companies
Al-Asif Textile
Ahmad Hosiery Mills (pvt) Ltd
Fantasy Garments
Aurangzeb IMPEX
Sindh Particles Board
Vilon Garments (pvt) Ltd
Delite Industries
Sufyan Trading
Ebrahim Trading
Al-Noor Fertilizar
GHULAM FAROOQ
Ghulam Farooq belonged to the famous Khattak family of Northwest Frontier Province (NWFP). He founded Pakistan Industrial Development Corporation (PIDC) and headed several big government corporations before resigning from govt job in 1968 to look after his own business. Because of his contribution in Pakistan'a industrial development he is sometimes described as " the Goliath who industrialized Pakistan".
1 Mirpur Khas Sugar Mills 374 544
2 Cherat Cement 1,840 529
3 Cherat Papersack 251 263
4 Greaves Air Conditioners - -
TOTAL 2,465 1,336
Unlisted Companies
Farooq (pvt) Ltd
Greaves Cotton (pvt) Ltd
Associated Constructors (pvt) Ltd
Greaves Modaraba Services (pvt) Ltd
Greaves Carbon Products (pvt) Ltd
Greaves Power Engineering
IBRAHIM
S NO Name Assets Turnover
1 A A Textile 400 704
2 Ibrahim Textile 664 1,018
3 Zainab Textile 832 811
4 Ibrahim Energy 437 96
5 Ibrahim Fiber - -
TOTAL 2,333 2,629
Financial Companies
Ibrahim Modaraba 142
Ibrahim Leasing 194
Unlisted Companies
Ibrahim Agencies (pvt) Ltd
Ibrahim Enterprises (pvt) Ltd
UNITED GROUP (SADIQSONS) OF COMPANIES
United group made the bulk of its fortune during the chief ministership and premiership of Nawaz Sharif when the group was sold Pasrur Sugar Mills for a token price of Rs one and its Chairman, Mohammad Saleem was appointed managing director of National Development Leasing Corporation (NDLC) replacing Rafiq Habib.
At the time of privatization of Pasrur Sugar Mills, the United Sugar committed a bank guarantees of Rs 200 million towards the liabilities of Pasrur Sugar Mills to the Financial institutions and agreed to contribute an additional equity of Rs 50 million for the rehabilitation of the sick mill. The agreement provided that all future BMR projects of Pasrur Sugar Mills will be financed on 50-50 basis.
Pasrur Sugar Mills became a heavy stone around the neck of the parent company and nearly a decade after its acquisition, the United Sugar Mills has become a defaulter to nationalized commercial banks.
S No Name Assets Turnover
1 United Sugar 417 619
2 Sajjad Textile 346 275
3 International Floor Covering 273 47
4 United Carpets 239 48
5 United Woolen 214 49
6 United Jute 460 113
7 Sana Fabrics 272 -
8 Ahmad Spinning 16 -
Total Manufacturing Assets 2,237 1,191
Financial Assets
9 NDLC 3,644
Unlisted Companies
United Paints
Pasrur Sugar Mills
S. Mohammad Saeed Goreeja & CO
BAWANY
Bawany dynasty was founded by two Bawany brothers, Ahmad Karim Ebrahim Bawany and abdul Latif Ibrahim Bawany born in 1882 and 1890 respectively at Jetpur, Kathiawar, who had migrated to Burma towards end the end of 19th century and set up Ahmad Violin Hosiery Works in Rangoon. The two brothers reportedly made their initial fortunes by selling cloth as a vendor on bicycle from village to village. It was in Rangoon that they incorporated their first limited company and established themselves as an importer and exporter.
After the military coup in Burma they returned to set up a business in India and in 1947 migrated to Pakistan. It was perhaps in memory of the Hosiery Mills at Rangoon that a company with the same name was incorporated in Karachi and is doing a flourishing business.
The name Bawany has its origin in the name of an elder of the family, Bawa known for his honesty and hard work in home town Jetpur.
They were first among the Memons to open a purchase office in Kobe, Japan and supported the construction of first mosque in Japan at Kobe.
Bawanies were a big family and Ahmad Bawany had seven sons namely Siddiq, Majid, Yahya, Ibrahim, Amin, Rauf and Zakaria Bawany, each of whom is believed to be heading at least one idependent industrial unit independently. Presetly the members of Bawany family are active in textile, jute, sugar, particle board, Oxygen, leather, garments, tanneries and cables.
Al-Noor is splinter of Bawanie and the two have joint interests in several companies. It set up its first Project Al-Noor Sugar Mills in 1970 and today has four companies listed on KSE. A big project by Al-Noor which is in the offing is under construction is Al-Noor Fertilizer located at Dhabeji, 50 Km from Karachi with the projected installed capacity to produce 390,000 tons of Urea and 390,000 tons of DAP.
S No Name Assests Turnover
1 Bawany Sugar 780 632
2 Faran Sugar 875 576
3 Pioneer Cables 239 358
4 B F Modaraba 16 16
5 Bawany Air 55 41
6 Annoor Textile 77 21
7 Bewany Metals - -
8 Latif Jute Mills 133 122
9 Pakistan Telephone Cables - -
TOTAL 2,175 1,766
SCHON
Schon has been a controversial group and its chairman Athar Hussain, a former pilot with PIA had been taking great pain to explain the origin of seed money for the group. After the dismissal of Benazir govt in November 1996, Athar Hussain and his two sons fled Pakistan because of scandals about their deals with the Privatization Commission and their relationship with Asif Zardari, husband of former prime minister.
Schon bought National Fibre, Pak-China Fertilizer and Quaidabad Woolen Mills in Nawaz Sharif's privatization and nearly succeeded in acquiring Pak-Saudi Fertilizer Company during Bhutto's privatization , through a front man.
The group was founded in Singapore in 1973 to engage in import and export business while Athar Hussain was working as a pilot with the Singapore Airlines. It started as an Export House and grew around the hefty rebates that the group got on the export consignments. Nasir Hussain in an interview with Ovais Subhani of " The News", Islamabad narrated how he got his first order of shirts worth 300 dollars to Singapore and later took a furlow from college in the United States to supply a big garments order.
" Winning a export order from the Export Promotion Bureau proved to be the turn I was looking for. And in a little time we had enough resources to bid for a textile mills and later for a fibre unit under Nawaz Sharif's privatization", he said in the interview.
According to Privatization Commission figures, Schon had acquired National Fibre and Pak-China Fertilizer for total bid prices of Rs 1,21,3.84 million ( Rs 756.64 million and Rs 456.84 million respectively) but was handed over the management after a down payment of Rs484.5 million and the bulk of the balance amount is outstanding against the group.
In November 1991, at an investors conference in Islamabad, the Schon group announced plans for the setting up of a 30,000 barrels per day refinery at Port Qasim, in collaboration with PHOENIX Corp and Petro-Chem of United States under Benazir Bhutto govt when members of Schon group had close contacts with Asif Zardari, political clout was used to put together a financial package for the refinery in which National Investment Trust and several banks forced to join the project as equity partner.
After the sacking of Bhutto govt, newspapers carried several reports that Schon wanted to dispose off National Fibre and other units, prior to dismissal of Benazir Bhutto govt which was a violation of deed signed with Privatization Commission. A report in the daily, The News, Islamabad, in December 1996 also reproduced extracts of a letter by Tahir Hussain to Asif Zardari, revealing that a bid was being made to sell National Fibre through an intermediary.
" With regard to the visit of Pir Murad Ali Shah in connection with the purchase of National Fibre Limited, it is informed to your goodslef that as this unit is under heavy financial burden, therefore, it is of immense importance to get these loans waived off before further negotiations in respect of sale of this factory could be carried further. It is also informed that Corporate Law Authority has created a case against us which is becoming a problem for Schon Group. I shall be highly obliged if this case can be closed against National Fibre Limited. Accept my hearty felicitations and thanks on helping us to have the extended loan facility by the Habib Bank which was not possible without your personal interest in the matter ", the letter said.
Athar Hussain was taken into custody after dismissal of Bhutto govt but he managed to flee and is now living happily in United States. In November 1997, 8 residential plots and shares of Schon Bank were auctioned by Ehtasab Cell but a deal was mysteriously and quietly struck by Ehtsasab Cell and Athar Hussain. Details of the deal were not made public despite questions asked in the Senate but National Development Finance Corporation (NDFC) which started the legal process to repossess the National Fibre Limited was asked by the Ehtasab Cell to delay the takeover. According to the report published by The News, Islamabad on March 27, 1998, Ehtasab Cell has disbursed Rs 123 million to clear the dues of Pak-China Fertilizer to workers of the unit and WAPDA so that the unit can resume operation.
S No Name Assets Turnover
1 National Fibre 1,851 838
2 Schon Textile 187 132
3 Schon Textile - -
4 Pak-China Fertilizer - -
TOTAL 2,038 970
Financial Assets
5 Schon Bank 1,994
6 Schon Modaraba 265
Unlisted Companies
Schon Refinery
Schon Air
Schon Mineral
Schon Chemical
Schon Hosiery
Schon Export House
Schon Capital Market
DADA BHOY
Abdul Ghani Dada Bhoy was the founder of Dada Bhoy group, starting in trade and branching off into the construction business. The group has a big share of cement market in Southern Pakistan.
Like other Memon groups, Dad Bhoys are closely linked through intermarriages with other leading families like Jaffer and Bawany.
Abdul Ghani Dada Bhoy had five sons and two daughters, namely Noor Mohammad Dada Bhoy, Mohammad Farooq Dada Bhoy, Mohammad Hussain Dada Bhoy, Abdullah Hussain Dada Bhoy and Ghulam Mohammad Dada Bhoy. Daughters are Mrs Mehrunisa Jaffer and Mrs Zaibunisa Tanveer
S No Name Assets Turnover
1 Dadabhoy Padube
2 Pak-German Prefab 51 10
3 Dadabhoy Cement Industries 1,965 896
TOTAL 2,016 906
Financial Assets
4 Dadabhoy Leasing 151
5 Pak Resources Insurance
Unlisted Companies
Dadabhoy Agencies (pvt) Ltd
Dadabhoy Investment (pvt) Ltd
Dadabhoy Housing (pvt) Ltd
Dadabhoy Construction Company
Agro-Forestor (pvt) Ltd
Dadabhoy Engineering (pvt) Ltd
Parero Industries
Chemin Industries
Dadabhoy Energy Supply Co
Possible
Quartz (pvt) Ltd
Karachi Lubricant Ltd
RUPALI
SNo Name Assets
1 Rupali Plyster 1910
2 Sunari Bank 12,838
SITARA
S No Name Assets Turnover
1 Sitara Spinning 497 329
2 Sitara Energy 1,122 439
COLONY
Mian Mohammad Ismaeel Sheikh was a business magnate who headed the biggest industrial and commercial concerns owned by Muslims in the present-day Pakistan, and in pre-partition India. The group set up its first factory in 1898, first flour mill in 1908 and at the time of partition comprised 14 ginning factories and 4 flour mills. A Crescent and Star was the insignia of the group.
The group lost heavily to Bhutto's nationalization and it was left only with a few textile mills, flour mills and ginning factories.
The fate of the parent company Sheikh Mohammad Ismaeel and Company and Messes Sheikhco Co Ltd are not known.
S No Name Assets Turnover
1 Suhail Jute 193 118
2 Colony Sarhad 422 217
3 Colony Woolen 7 -
4 Colony Textile 196 291
5 Nafees Cotton 683 544
6 Colony Thal Textile - -
7 Salman Noman 119 196
TOTAL 1,620 1,366
Financial Companies
8 National Security Insurance 94
PREMIER
This group has developed around one of the oldest sugar mills in Pakistan namely Premier Sugar Mills belonging to a Hindu family which changed hands at the time of partition and was bought over by Sarfraz Khan, father of late Mir Mohammad Afzal Khan, a minister in Zulfikar Ali Bhutto's cabinet.
The current chairman of the group, Abbas Sarfraz is among the few who have declared their assets to worth over 1 million dollars.
S No Name Assets Turnover
1 Premier Sugar 655 302
2 Chasma Sugar 643 626
3 Frontier Sugar 135 170
4 A R Pak 68 -
TOTAL 1,501 928
SHAHNAWAZ
Chaudry Shahnawaz was the sole distributor and agent of Mercedez Benz when he launched Shezan International Limited in 1965, to manufacture juices, preserving and canning fruits, vegetables and their products. Although not so prominent among the 22 families, Shahnawaz is one of the leading industrial conglomerate of agricultural processing industries, sugar and textile mills. It is currently headed by Muneer Nawaz who is one of the 30 odd Pakistani nationals who have declared their assets to be in excess of 1 million dollars in 1993.
The real strength of the group still lies in the parent company Shah Nawaz Limited which has grown into one of the biggest trading company in Pakistan representing multinationals like the Mercedez Benz, NEC computers and communication equipment and is heavily involved in the import and export business with former socialist countries.
S No Name Assets Turnover
1 Shah Taj Sugar 554 605
2 Shezan International 314 682
3 Shahnwaz Textile - -
4 Shah Taj Textile 199 192
5 Benz Industries - -
6 Shah Pur Textile 232 233
7 ? Modaraba
Unlisted Companies
Hatter Fruits (pvt) Ltd
Shah Nawaz Ltd
FAZAL
S No Name Assets Turnover
1 Mubarik Textiles 346 119
2 Fatima Enterprise - -
3 Fazal Textile - -
4 Reliance Textile - -
UMER
S No Name Assets Turnover
1 Bhenero Textile 457 665
2 Blessed Textile 320 209
3 Faisal Spinning 349 326
Unlisted Companies
Al-Fajr Manufacturer of Hush Puppy Shoes
CALICO
S No Name Assets Turnover
1 Ice Textile 711 676
2 Ideal Spinning 318 392
3 Calico Cotton 47 75
4 Ashfaq Textile 159 129
TOTAL 1,235 1,272
Unlisted Companies
Arshad Textile
ADAMJEE
" In a society, deep neck in corruption, I more often than not, find myself a misfit. There is no place for a veteran businessman anymore in the socity ".
G M Adamjee
The Adamjee dynasty was founded by Haji Dawood in 1896 by establishing a commodity trading company, but it was his son Sir Adamjee Haji Dawood , under whom the Adamjee empire came to be built on a solid foundation. In 1923 he built a Match factory outside Rangoon, second biggest in the world for a long time. At the time of partition, Adamjee were the biggest exporter of jute from Calcutta.
Abdul Wahid Adamjee had three sons, namely Mohammad Hanif, Abdul Hamid and Abdul Razak.
A G Adamjee s/o Zakaria Adamjee has two sons Akbar Adamjee and Zafar Adamjee. G M Adamjee has Ashraf Adamjee.
Adamjee Jute Mills was the biggest jute mill in the world, employing 25,000 workers and producing 100,000 tons of Hessian and gunny bags. Other units in the group in East Pakistan included:
Primier Lamination producing polythene laminated jute goods.
Meghna Textile Mills
Star Particle Board
National Tubes Limited at Tongi Industrial Area
Dacca Vegetable Oil Industry and
Aroma tea blended from five tea gardens at Sylhet
In addition Adamjee had stakes in other business concerns in East Pakistan like Karnaphuli Paper Mills of Dawood and Bengla Assam Steamship.
In Bhutto's nationalization they lost Muslim Commercial Bank and interest in Mohammadi Steamship Company, leaving them only Adamjee Sugar Mills and Adamjee Cotton Mills, Karachi.
Adamjee own Pakistan's biggest insurance company, Adamjee Insurance but do not rank among top 44 groups based on manufactruing assets. However like the Habib group they are also making conscious efforts to appear small and inconspicuous. For example they have set up a big pharmaceutical unit whose products are being sold in the market under the packing of Adamjee without identifying the company.
S No Name Assets Turnover
1 K S B Pumps 343 385
2 Adamjee Paper 180 86
3 Mehran Jute 91 97
4 Adamjee Flooring 62 5
5 Adamjee Ploycraft - -
TOTAL 676 573
Financial Compnies
6 Adamjee Insurance 2,000
Unlisted Companies
Adamjee Diesel Engineerin (PAK) Pvt Ltd
Adamjee Pacific Trading Company
Adamjee Engineering Pvt Ltd
Adamjee Construction Company
Adamjee Ammam & Whitney Pak. Ltd
Adamjee Durabuilt (Pvt) Ltd
Adamjee Auto Part Manufacturing Company
Adamjee Industries Ltd
Adamjee Garment Industries
Associated Trading Company
AJAX Industries (Pvt) Ltd
AJAX Trading Company
Golden Valley Trading Company
Mingle Trading Company Ltd
Eurasian Chemicals (Pvt) Ltd
TAWAKKAL
S No Name Assets Turnover
1 Tawakkal Limited 390 611
2 Tawakkal Garments 454 239
3 Hamraz Industries 198 290
4 Tawakkal Polyster 261 69
5 Baluchistan Wheels 375 148
6 Naya Daur Motors - -
TOTAL 1,768 1,357
Financial Companies
7 Tawakkal Modaraba 644
8 Unity Modaraba -
Unlisted Companies
Tawakkal Exports
Tawakkal Enterprise
Tawakkal Builders
Tawakkal General Export Corporation
Tawakkal Textile Corporation
Pullatan Cement Corporation in Sri Lanka bought for 41 million Dollars
JEHANGIR ELAHI
Jehangir Elahi is brother in law of Mian Mohammad Mansha and is ranked among the top 44 industrial groups in Pakistan. He has launched several projects as joint ventures with Mian Mohammad Mansha, as for example Genertech, one of the earliest private sector power plants conceived in Pakistan.
Independently his group has four companies listed on the stock exchange.
S No Name Assets Turnover
1 Taj Textile 1,304 359
2 Elahi Cotton 130 188
3 Elahi Spinning and Weaving 604 564
4 Elahi Electric 497 -
TOTAL 2,535 1,111
Unlisted Companies
Elahi Enterprise
White Cement
KASSIM DADA
Kassim Dada comes from one of the oldest Memon enterpreneurs family from the sub-continent which had set up Dada Commercial house in the 19th century. Long before the creation of Pakistan, the Dadas had set up offices in Burmah, South Africa and countries of the Far-East. It was as a representative of Dada Commercial House "(DADA Abdullah and Company)" that M K Gandhi went to South Africa, as a lawyer in 1893.
The Dadas were reported to have set up several big and medium sized projects in Pakistan, " While retaining their interests in India ", including as asbestos Cement Factory plants at Karachi, Hyderabad and Chittgong, three textile mills, cotton and chemical plants. At least three cement plants were lost in East Pakistan and in Bhutto's nationalization.
" But the Dada's share in Pakistan's big business, and their capital must not be judged only on the basis of enterprises which they control directly. The point is that the Dadas who have continuously held ruling positions in Karachi Stock Exchage, have made wide use of concealed forms of financial control. They have also been junior partners in a number of of Pakistani and foreign monopolies ", Sregey Lvin observed abut Dadas in " the upper bourgeoisie from the Muslim commercial community of Memons of Pakistan".
S No Name Assets Turnover
1 Dadex Entrite 791 683
2 Punjab Building Products 104 52
TOTAL 895 755
Kassim Dada hold major local equity in the following Multinationals.
Smith Kline
Brook Bond
Berger Paints
Kassim Dada was sponsoring director in Hyderabad Elecronics, Aumotative Battery Limited and Interfund Bank.
KOHISTAN
S No Name Assets Turnover
1 Masood Textile 1,016 1,191
2 Mahmood Textile 938 2,018
3 Asim Textile 447 182
4 Kakakhel Industries 132 410
TOTAL 2,578 3,801
Unlisted Companies
Aizad Beverages Industries (Pvt) Ltd
Punjab Agricultural Cooperative Corporation
Mahmood Power Generation
The group also hold the frunchise for Coca Cola in the Faisalabad area and appears to have acquired Khurshid Textile Mills since it was in connection with rescheduling of a Rs 800 million loans relating to this mill that former zonal chief of Habib Bank G M Khairati was arrested in 1996, on complaint of MNA Shahid Nazir, for seeking commission from him.
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