Lahore: Topline Securities Limited has announced the withdrawal of a Public Announcement of Intention to acquire up to 40.63% of ordinary shares of Mitchell's Fruit Farms Limited by IGI Investments (Private) Limited. The original intention to acquire the shares was publicized by 161 Investments (Private) Limited, the Acquirer, on December 12, 2024, and was subsequently published in Business Recorder and Nawa-i-Waqt on December 16, 2024. The acquisition was aimed at purchasing the shares from two substantial shareholders, Syeda Maimanat Mohsin and Syeda Matanat Ghaffar, conditional upon regulatory and other necessary approvals.

Topline Securities Limited, acting as Manager to the Offer, stated that the decision to withdraw follows the Substantial Shareholders' rejection of the Acquirer's offer. This decision was made after Topline Securities conducted its due diligence in the matter.

The withdrawal is in accordance with Regulation 21(1)(b) and Regulation 21(2) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017, as well as relevant provisions of the Securities Act, 2015. According to information available from the Pakistan Stock Exchange (PSX), this withdrawal ensures compliance with the regulatory framework governing such transactions.

For further details or clarification, stakeholders and interested parties are encouraged to contact the representatives of Topline Securities Limited. The designated market category for this transaction was the acquisition of voting shares under the existing regulations.