Mitchell’s Fruit Farms to grant due diligence access to CCL Holdings

Mitchell’s Fruit Farms Limited (MFFL) announced that its majority shareholders have requested the company to grant CCL Holdings (Pvt) Limited, a subsidiary of CCL Pharmaceuticals, access to due diligence.

The listed company shared the development in a notice to the Pakistan Stock Exchange (PSX) on Tuesday.

“As earlier communicated, Syeda Maimanat Mohsin and Syeda Matanat Ghaffar, holding in aggregate 40.63% of the issued share capital of the company, are undertaking a strategic review and in view of receipt of continued 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,” read the notice.

“In light of this, the company will be doing the needful. Any decision relating to the strategic review shall be subject to regulatory approvals as well as the execution of definitive agreements,” it added.

In November last year, CCL Holding (Private) Limited submitted a public announcement of intention (PAI) to acquire a 50% stake and controlling interest in the Pakistani manufacturer of farm and confectionery products.

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

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.