18.6 C
Nairobi
Thursday, May 30, 2024

Comprehensive Insights into the Use of Margin in Forex Trading

In the world of forex trading, understanding what is margin in forex is crucial for traders, especially those operating in Kenya. Margin is essentially...
HomeWealthModern Coast Owner And His Net Worth

Modern Coast Owner And His Net Worth

The Mombasa-Nairobi Standard Gauge Railway (SGR) was supposed to sound the death knell of passengers’ bus companies with its pocket friendly introductory fare of kes700 and kes3,000 for economy and first class respectively. As expected, bus owners caused a ruckus and rightly so. For a business seat in Modern Coast-which is the cheapest on their ‘Oxygen’ fleet is kes1,800 and kes2200 for a VIP seat. Then you have to contend with traffic while you can take less than five hours with the SGR. Interestingly, Modern Coast has managed to stay afloat thanks to the management high level of professionalism. We take a look at who owns this company and his net worth.

Staying afloat
Modern Coast has strategically spread its wings in the region to remain competitive and profitable. Their company has spread their tentacles in neighboring Uganda, Tanzania and Rwanda. In Kenya alone, the company has 50 branches. Passengers have the option of selecting the VIP seats-which is the most expensive-or the affordable Business seats.

Number of buses
The luxury bus company started out with 6 Scania buses. 10 of their 60 buses are air conditioned. Other services offered by Modern Coast include courier services, clearing and forwarding and warehousing.



Owner of the Modern Coach
The founder of Modern Coast was Mombasa tycoon Shahid Pervez Butt who was shot dead on July 11, 2014. Butt was accused by the government of financing terrorism and incitement by the government before he met his death. According to BusinessDaily, Butt owned a total of 209 motor vehicles.
Mombasa tycoon Shahid Pervez Butt
Other business owned by Shahid Pervez Butt
Vantage Point Clearing and Forwarding and Vantage Road Transporters: both these companies transported clients cargo to and from the port of Mombasa.
He owned houses, plots and commercial properties through Blue Bell Properties and Premac Properties. Upon his death, Butt son, Haroon Butt took over the management of the bus company.

Modern Coast Owner And His Net Worth
Haroon Butt Photo/Courtesy

Haroon Bhutt
His son from his first marriage to Akhtar Bhutt was poised to be the heir apparent given the role he played in his father’s company. Haroon Bhutt was in charge of his father massive wealth even before his death. His managerial skills have kept the various business founded by his late father afloat.

His estimated wealth
The tycoon wealth was estimated at kes5 billion at the time of his death.

Have we felt out anything? Please feel free to email us on whownskenya@gmail.com . Thanks for reading.