Shareholders holding over 40% of Mitchells Fruit Farms Ltd (MFFL), a Pakistani manufacturer of farm and confectionery products, are considering strategic options, including a potential divestment of their entire stake.
MFFL shared the development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday.
“Syeda Maimanat Mohsin and Syeda Matanat Ghaffar (shareholders), holding in aggregate 40.63% of the issued share capital of the company, are exploring various strategic options in relation to their investment in the company, including potential divestment of their entire stake in the company,” read the notice.
In light of this, the MFFL will be preparing a data room to facilitate the shareholders for purposes of any diligence exercise which may be required in the context of the strategic review, the company said.
“Any decision relating to the strategic review shall be subject to regulatory approvals as well as the execution of definitive agreements,” it added.
As per the company’s latest financial results, MFFL recorded a profit-after-tax of Rs15.3 million in the first quarter of FY25, an increase of 38% compared to Rs11.1 million posted in the same period last fiscal.
As a result, the company saw its earnings per share (EPS) increase to Re0.67 in 1QFY25, up from Re0.49 in 1QFY24.
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.
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