IGI Investments withdraws PAI to acquire 40.63% stake in Mitchell’s Fruit Farms

IGI Investments (Private) Limited has withdrawn its public announcement of intention (PAI) to acquire a 40.63% stake in Mitchell’s Fruit Farms Limited (MFFL), a key player in Pakistan’s food manufacturing industry.

lGI Holdings Limited, the parent company of IGI Investments, disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday.

“IGI Holdings Limited has received a letter for withdrawal of public announcement of intention for acquisition of up to 40.63% shareholding from two substantial shareholders Syeda Mainanat Mohsin and Syeda Matanat Ghaffar of Mitchells Fruit Fans Limited by IGI Investments (Pvt.) Limited,” read the notice.

“We have been informed by the acquirer that after conducting due diligence of the target, their offer price has not been accepted by the sellers within the stipulated timeframe and is accordingly lapsed.”

Mitchells is a public limited company, which is listed on the Pakistan Stock Exchange (PSX) and is principally engaged in the manufacture and sale of various confectionery and grocery products.

Last year in December, IGI Investments (Private) Limited expressed its intent to acquire a substantial stake in MFFL.

The company already holds a 3.72% shareholding of Mitchells.

CCL Holding (Private) Limited, a subsidiary of CCL Pharmaceuticals, also expressed its intention to acquire a 50% stake and controlling interest in MFFL.

However, MFFL’s major shareholders decided “not to proceed” with the sale discussions.