28-07-2025
- Business
- Business Recorder
CCL Holding submits public intention to acquire over 26% stake in Mitchells Fruit Farms
CCL Holding (Pvt.) Limited has submitted a public announcement of intention (PAI) to acquire up to 26.26% of Mitchell's Fruit Farms Limited (MFFL), one of Pakistan's oldest listed FMCG companies.
Arif Habib Limited, Manager to the Offer, disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Monday.
As per the public offer, eyes to purchase 6,007,632 ordinary shares of Mitchell's at a price of Rs232.75.
The PAI follows CCL Holding's earlier acquisition of a 47.48% stake in MFFL. This includes 40.63% acquired from Mitchell's sponsors through a Share Purchase Agreement (SPA) dated May 14, 2025, at Rs180 per share, and an additional 6.85% purchased on July 23, 2025, from institutional and family shareholders, including the Babar Ali Foundation—founded by the company's Chairman, Syed Babar Ali—and IGI Investments (Private) Limited, via a negotiated deal at the higher rate of Rs232.75 per share.
With this offer, CCL Holding aims to increase its total shareholding in Mitchell's to over 73%.
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.
Meanwhile, Mitchell's Fruit Farms Limited, a Pakistani manufacturer of farm and confectionery products, 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.
