CCL Holding (Pvt.) Limited has submitted a public announcement of intention (PAI) to acquire up to 26.26% of Mitchell’s Fruit Farms Limited (MFFL), one of Pakistan’s oldest listed FMCG companies. This move aims to increase its total stake in MFFL to over 73%.
Arif Habib Limited, acting as Manager to the Offer, disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Monday. The public offer is to purchase 6,007,632 ordinary shares of Mitchell’s at Rs232.75 per share.
This announcement follows CCL Holding’s earlier acquisition of a 47.48% stake in Mitchell’s. This included 40.63% purchased from Mitchell’s sponsors through a Share Purchase Agreement (SPA) dated May 14, 2025, at Rs180 per share, and an additional 6.85% purchased on July 23, 2025, from institutional and family shareholders, including the Babar Ali Foundation and IGI Investments (Private) Limited, at the higher rate of Rs232.75 per share.
With this offer, CCL Holding aims to consolidate its position in the company and increase its overall shareholding. The acquisition will elevate CCL Holding’s stake in MFFL to over 73%, reinforcing its foothold in Pakistan’s FMCG sector.
The offer comes at a significant time for MFFL, a company with a rich history dating back to 1933. Known for its farm and confectionery products, Mitchell’s went public in 1993 and was listed on the stock exchange in 1996. Its products include beverages, ketchups and sauces, preserves, ready-to-cook meals, and more.
CCL Holding, a key player in the pharmaceutical and consumer health sectors through its subsidiary, CCL Pharmaceuticals (Pvt) Limited, has now set its sights on further strengthening its position in Pakistan’s food and beverage market.
The public announcement of offer is in accordance with the Securities Act, 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. As per the regulations, the hard copy of the offer document and relevant paperwork have been sent to the relevant authority. The official offer will be published in Business Recorder and Nawa-i-Waqt on July 30, 2025.
