Mitchell's Fruit Farms inks SPA with CCL Holding
Mitchell's Fruit Farms Limited (MFFL) announced on Thursday that it has entered into a Share Purchase Agreement with CCL Holding (Private) Limited, a subsidiary of CCL Pharmaceuticals.
This was shared by MFFL, a Pakistani manufacturer of farm and confectionery products, in a notice to the Pakistan Stock Exchange (PSX) today.
The agreement involves the sale of Syeda Maimanat Mohsin and Syeda Matanat Ghaffar's entire shareholding in the company, totalling 9,293,244 ordinary shares, which represents 40.63% of MFFL's paid-up capital, the notice read.
'Completion of the transaction will be subject to the issuance of a public offer by CCL, receipt of regulatory approvals, and the satisfaction of other closing formalities.'
On January 14, 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.
'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 to PSX.
'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.
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.
Mitchell's 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 the manufacturing and sales of various farm and confectionary products, including beverages, ketchups and sauces, preserves, ready-to-cook and ready-to-eat food range, etc.
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