IGI Holdings withdraws intention to acquire stake in Mitchells Fruit Farms

MG News | April 08, 2025 at 03:17 PM GMT+05:00

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April 08, 2025 (MLN): IGI Holdings Limited (PSX: IGIHL) has received a letter for the withdrawal of its public announcement of intention to acquire up to 40.63% shareholding from two substantial shareholders, Syeda Maimanat Mohsin and Syeda Matanat Ghaffar, of Mitchells Fruit Farms Limited.

The acquisition was to be made by IGI Investments (Pvt.) Limited, the company's filing on PSX revealed today.

The Acquirer, IGI Investments, informed that after conducting due diligence on Mitchells Fruit Farms Limited, their offer price was not accepted by the Sellers within the stipulated timeframe, leading to the lapse of the offer.

In accordance with Regulation 21(1) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations 2017, as well as the Securities Act 2015, the Manager to the Offer, Topline Securities Limited, has initiated the withdrawal process.

This step is being taken to ensure compliance with the relevant laws.

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