CCL Holding (Private) Limited, a subsidiary of CCL Pharmaceuticals, has formally submitted a public announcement of intention (PAI) to acquire a 50% stake and controlling interest in Mitchells Fruit Farms Ltd (MFFL). This move follows MFFL’s recent disclosure that its major shareholders are exploring options to divest their stake. Arif Habib Limited, serving as Manager to the Offer for CCL Holding, communicated the development to the Pakistan Stock Exchange (PSX) on Wednesday.
The notice states that CCL Holding aims to acquire voting shares and control of MFFL, with a public offer planned for 50% of the remaining voting shares, adhering to Regulation 14 of the Listed Companies (Substantial Acquisition of Voting Shares and Takeover) Regulations, 2017. However, the exact number of shares to be acquired has not been determined yet.
Earlier in the day, MFFL revealed that its primary shareholders, Syeda Maimanat Mohsin and Syeda Matanat Ghaffar, who together hold a 40.63% stake, are considering divesting their entire stake. In preparation, MFFL is setting up a data room to facilitate due diligence for the strategic review process, subject to regulatory approvals and execution of definitive agreements.
Mitchells Fruit Farms, established in 1933, is a publicly listed company known for producing farm and confectionery products, including beverages, sauces, and ready-to-eat foods. The company recently posted a profit-after-tax of Rs15.3 million for the first quarter of FY25, marking a 38% increase from the previous year, with earnings per share rising to Re0.67. Following the acquisition news, MFFL’s share price surged 10%, reaching Rs200.1.
