January 8, 2020 (MLN): Mitchells Fruits Farms Limited (MFFL) via notification to Pakistan Stock Exchange has clarified regarding the recent article published on a media website.
In line with previous notification where the board considered the key recommendation from management to negotiate and finalize terms of documentation with the preferred bidder, subject to the approval of the board of directors dated November 19, 2019.
The board explained that the process of negotiating and finalizing with the preferred bidder, binding terms for the acquisition of more than 30% shares of the Company. At this stage, no binding terms have been entered into or finalized with the preferred bidder.
The company shall make necessary disclosures, once binding terms have been entered into with the preferred bidder.
It is pertinent to mention that the bidding process and firm intentions received from Waves Singer Pakistan and Bioexyte Foods.
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