Mitchell’s Fruit Farms Limited (MFFL), a prominent name in Pakistan’s food manufacturing industry, has announced that two of its major shareholders, Syeda Maimanat Mohsin and Syeda Matanat Ghaffar, have decided to discontinue discussions regarding the sale of their stake to CCL Holding (Private) Limited. The development was disclosed in a notice to the Pakistan Stock Exchange (PSX) on Monday.
“Mitchell’s Fruit Farms Limited has received notice from two of its substantial shareholders, Syeda Maimanat Mohsin and Syeda Matanat Ghaffar, that they have decided not to proceed with discussions regarding the acquisition of their shares by CCL Holding (Pvt.) Limited,” the company stated.
This decision comes after a prior notice issued by MFFL last month, in which the shareholders, who collectively hold over 40% of the company’s issued share capital, had expressed their intention to explore strategic options, including the potential divestment of their entire stake.
In the earlier notice, MFFL had revealed that the two shareholders, holding a combined 40.63% of the company’s shares, were considering various strategic options for their investment, including a complete divestment of their stake.
The announcement also follows a public announcement of intention (PAI) submitted by CCL Holding (Private) Limited, a subsidiary of CCL Pharmaceuticals, to acquire a 50% stake and controlling interest in Mitchell’s Fruit Farms. The PAI was submitted shortly after the shareholders’ initial notice last month.
Mitchell’s Fruit Farms recently reported a profit-after-tax of Rs15.3 million for the first quarter of FY25, reflecting a 38% increase compared to Rs11.1 million in the same period last year. The company’s earnings per share (EPS) also rose to Re0.67 in 1QFY25, up from Re0.49 in 1QFY24.
Founded in 1933, Mitchell’s Fruit Farms Limited has a rich history. Originally named Indian Mildura Fruit Farms, the company was renamed after Pakistan’s independence. It went public in 1993 and was listed on the stock exchange in 1996. The company specializes in the production and sale of a wide range of farm and confectionery products, including beverages, ketchups, sauces, preserves, and ready-to-cook and ready-to-eat food items.
