AIRLINK 175.55 Decreased By ▼ -2.01 (-1.13%)
BOP 11.01 Decreased By ▼ -0.04 (-0.36%)
CNERGY 8.29 Increased By ▲ 0.12 (1.47%)
FCCL 47.23 Decreased By ▼ -0.09 (-0.19%)
FFL 16.02 Decreased By ▼ -0.10 (-0.62%)
FLYNG 27.31 Decreased By ▼ -0.04 (-0.15%)
HUBC 142.32 Decreased By ▼ -4.59 (-3.12%)
HUMNL 13.30 Decreased By ▼ -0.21 (-1.55%)
KEL 4.44 Decreased By ▼ -0.06 (-1.33%)
KOSM 5.90 Decreased By ▼ -0.01 (-0.17%)
MLCF 61.80 Decreased By ▼ -0.22 (-0.35%)
OGDC 226.77 Decreased By ▼ -7.91 (-3.37%)
PACE 5.77 Decreased By ▼ -0.03 (-0.52%)
PAEL 44.80 Decreased By ▼ -1.61 (-3.47%)
PIAHCLA 17.88 Decreased By ▼ -0.24 (-1.32%)
PIBTL 10.47 Decreased By ▼ -0.10 (-0.95%)
POWER 12.02 Increased By ▲ 0.03 (0.25%)
PPL 185.92 Decreased By ▼ -5.88 (-3.07%)
PRL 37.16 Decreased By ▼ -0.16 (-0.43%)
PTC 24.05 Increased By ▲ 0.85 (3.66%)
SEARL 100.29 Decreased By ▼ -0.60 (-0.59%)
SILK 1.15 No Change ▼ 0.00 (0%)
SSGC 38.51 Decreased By ▼ -1.20 (-3.02%)
SYM 14.75 Decreased By ▼ -0.28 (-1.86%)
TELE 7.73 Decreased By ▼ -0.11 (-1.4%)
TPLP 11.03 Decreased By ▼ -0.08 (-0.72%)
TRG 66.00 Decreased By ▼ -1.29 (-1.92%)
WAVESAPP 10.97 Decreased By ▼ -0.38 (-3.35%)
WTL 1.35 Decreased By ▼ -0.01 (-0.74%)
YOUW 3.78 Increased By ▲ 0.01 (0.27%)
BR100 12,826 Increased By 19.4 (0.15%)
BR30 38,861 Decreased By -842.2 (-2.12%)
KSE100 118,792 Decreased By -146.5 (-0.12%)
KSE30 36,779 Increased By 22.6 (0.06%)

Mere hours after Mitchells Fruit Farms Ltd (MFFL) said its majority shareholders were looking to divest their stake, CCL Holding (Private) Limited, a subsidiary of CCL Pharmaceuticals, submitted a public announcement of intention (PAI) to acquire a 50% stake and controlling interest in the Pakistani manufacturer of farm and confectionery products.

Arif Habib Limited, appointed Manager to the Offer by CCL Holding (Private) Limited, shared the development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday.

“On behalf of the acquirer, we are pleased to submit PAI to acquire voting shares and control of Mitchells Fruit Farms Limited,” read the notice.

CCL Holding, in its notice shared by AHL, stated that it intends to acquire shares and control in MFFL.

“Public Offer shall be made for 50% of the remaining voting shares in accordance with Regulation 14 of the Listed Companies (Substantial Acquisition of Voting Shares and Takeover) Regulations, 2017,” it added.

The company stated that the number and percentage of shares to be acquired cannot be determined at this stage.

CCL Holding is a holding company of a wholly-owned subsidiary, CCL Pharmaceuticals (Pvt) Limited, which is principally engaged in the manufacturing and marketing branded generic pharmaceuticals and consumer health products.

MFFL, in a notice to the exchange issued earlier on Wednesday, informed that its shareholders holding over 40% of the company are considering strategic options, including a potential divestment of their entire stake.

“Syeda Maimanat Mohsin and Syeda Matanat Ghaffar (shareholders), holding in aggregate 40.63% of the issued share capital of the company, are exploring various strategic options in relation to their investment in the company, including potential divestment of their entire stake in the company,” MFFL said in a notice.

In light of this, MFFL will be preparing a data room to facilitate the shareholders for purposes of any diligence exercise which may be required in the context of the strategic review, the company said.

Mitchells Fruit Farms Limited

“Any decision relating to the strategic review shall be subject to regulatory approvals as well as the execution of definitive agreements,” it added.

As per the company’s latest financial results, MFFL recorded a profit-after-tax of Rs15.3 million in the first quarter of FY25, an increase of 38% compared to Rs11.1 million posted in the same period last fiscal.

As a result, the company saw its earnings per share (EPS) increase to Re0.67 in 1QFY25, up from Re0.49 in 1QFY24.

Mitchells’ share price hit the upper limit with a gain of 10% during the session on Wednesday, capping at Rs200.1 after an increase of Rs18.19.

Mitchells Fruit Farms Limited has a history that dates back to 1933. After Independence, the company’s name was changed from Indian Mildura Fruit Farms to Mitchells Fruit Farms Limited.

The company went public in 1993 and was listed on the stock exchange in 1996. The principal activity of the company is manufacturing and sales of various farm and confectionary products including beverages, ketchups and sauces, preserves, read-to-cook and ready-to-eat food range etc.

Comments

200 characters