IGI Investments to conduct due diligence for acquiring 40.63% stake in Mitchell’s Fruit Farms

The Board of Directors of IGI Investments (Private) Limited has accorded its in-principle approval, in a meeting on December 11, 2024, to conduct due diligence for a potential transaction for the purchase of up to 40.63% stake from two substantial shareholders Syeda Maimanat Mohsin and Syeda Matanat Ghaflal of Mitchell’s Fruit Farms Limited. 

lGI Holdings Limited disclosed this information to the Pakistan Stock Exchange (PSX) on Thursday in accordance with Sections 96 and 131 of the Securities Act, 2015, and Clause 5.6.1 of the Rule Book issued by the PSX. 

IGI Investments is a 100% wholly-owned subsidiary of lGI Holdings Limited. 

The proposed transaction will be carried out subject to compliance with applicable laws including the Securities Act, 2015, and upon fulfillment of applicable corporate and regulatory approvals. 

The board has also authorized its Chief Executive Officer (CEO) and authorized director (s) to negotiate the purchase price, finalization of transaction structure, and appointment of legal and financial advisors for due diligence and manage of the offer.

Earlier, on December 9, Mitchell’s declared the termination of discussions between its two major shareholders, Syeda Maimanat Mohsin and Syeda Matanat Ghaffar, and CCL Holdings (Pvt.) Limited regarding the sale of their combined 40.63% stake.