Mitchells Fruit Farms Majority Shareholders Seek Due Diligence Access for Potential Sale

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 allow CCL Holdings (Pvt) Limited to conduct due diligence.

This move follows CCL Holdings, a subsidiary of CCL Pharmaceuticals, expressing committed interest. The shareholders have asked for parallel due diligence access for CCL Holdings alongside IGI Investments (Pvt) Limited.

In a notice to the Pakistan Stock Exchange (PSX) on Tuesday, Mitchell's confirmed that the shareholders, who together hold 40.63% of the company's issued share capital, are conducting a strategic review and have sought due diligence access for CCL Holdings (Pvt) Limited. The company clarified that any decision on the strategic review will be subject to regulatory approvals and the successful execution of binding agreements. Mitchell’s emphasized its compliance with the Securities Act, 2015, and PSX regulations.

Reports suggest that the Mohsin family has been exploring options to sell Mitchell’s since 2019, initially discussing deals with Bioexyte and Waves Singer Pakistan. However, the pandemic disrupted these plans. In 2020, Bioexyte emerged as the sole bidder, but the deal eventually collapsed due to disagreements.

The drive to sell the company resumed in November 2024, when the shareholders initiated a strategic review of their 40.63% stake. On November 13, CCL Holdings expressed interest in acquiring control of the company. Later, on December 9, 2024, Mitchell’s announced the termination of discussions with CCL Holdings about the sale. On December 12, IGI Investments (Private) Limited approved conducting due diligence for acquiring the 40.63% stake from the two major shareholders.