Lahore: A planned acquisition of shares in Mitchell's Fruit Farms Limited has been called off, according to a notice received by the company on April 8, 2025. M/s. ICI Investments (Private) Limited, known as IGI Investments, has withdrawn its Public Announcement of Intention (PAI) to acquire a 40.63% stake in the company.

The announcement was initially made by M/s. 101 Investments on December 16, 2024, through its Manager to the Offer, M/s. Topline Securities Limited. The intention was to purchase shares held by major shareholders Syeda Maimanat Mohsin and Syeda Matanat Ghaffar. However, the offer price proposed by IGI Investments was not accepted by the sellers within the required timeframe.

According to information available from the Pakistan Stock Exchange (PSX), the withdrawal was carried out in accordance with Regulation (21)(1)(b) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017, along with relevant provisions of the Securities Act, 2015. The notice was also disseminated through local publications, including Business Recorder and Nawa-i-Waqt, in December 2024.

The market category affected by this withdrawal is the designated agricultural sector, which Mitchell's Fruit Farms operates within. The decision to retract the announcement was formally communicated to the Pakistan Stock Exchange Limited, the Securities and Exchange Commission of Pakistan, and Mitchell's Fruit Farms itself, ensuring compliance with all regulatory requirements.