Mitchell’s Fruit Farms Limited (MFFL) has announced that its majority shareholders Syeda Maimanat Mohsin and Syeda Matamat Ghaffar, holding 40.63%, have requested the company to grant due diligence access to CCL Holdings (Pvt) Limited.
This move follows the receipt of committed interest from CCL Holdings, a subsidiary of CCL Pharmaceuticals. The company said that major shareholders have requested access to due diligence for CCL Holdings in parallel with IGI Investments (Pvt) Limited.
“As earlier communicated, Syeda Maimanat Mohsin and Syeda Matamat Ghaffar (“Shareholders”), holding in aggregate 40.63% of the issued share capital of the Company, are undertaking a strategic review and in view of receipt of committed interest from CCL Holdings (Pvt) Limited (“CCL”), have requested the Company to grant CCL access to due diligence in parallel with IGI Investments (Pvt) Limited,” Mitchell’s said in its notice to the Pakistan Stock Exchange (PSX) on Tuesday.
The company clarified that any decision regarding the strategic review would be subject to regulatory approvals and the successful execution of definitive agreements. Mitchell’s Fruit Farms also reiterated its compliance with the Securities Act, 2015, and PSX regulations in handling this matter.
According to a report by Profit, the Mohsin family has been trying to sell Mitchell’s since as early as 2019. Back then, talks were going on between Bioexyte and Waves Singer Pakistan to take over more than 30% voting shares of the company acting as separate acquirers.
At the beginning of 2020, the pandemic meant the company took a huge hit, and soon Bioexyte was left standing as the lone bidder. As terms could not be agreed upon, the deal fell through.
When the sale could not be carried out, the company looked to bring its house in order and make the company attractive for a future sale bid to be carried out.
The latest drive to sell control in the company started in November 2024 when the board announced that a strategic review of investment was being carried out. In simple terms, two of its biggest shareholders were looking to divest or sell their shares.
On November 13, 2024, Mitchell’s announced that its two major shareholders, Syeda Maimanat Mohsin and Syeda Matanat Ghaffar, are considering various strategic options, including the potential sale of their combined 40.63% stake in the company.
On the same day, CCL Holdings (Pvt.) Limited, through Arif Habib Limited as the Manager to the Offer, announced its intention to acquire voting shares and gain control of Mitchell’s Fruit Farms.
Later, on December 9, 2024, 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.
On December 12, 2024, IGI Investments (Private) Limited’s board granted its approval to conduct due diligence for the purchase of up to 40.63% stake from two substantial shareholders of Mitchell’s.
