Najam Sethi's Mitchell's Fruit Farm prepares for sale

mhafeez

Chief Minister (5k+ posts)
Mitchell’s Fruit Farms Ltd on Thursday announced that it has shortlisted two firms for a strategic sale of shares along with transfer of management control.

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“The board of directors was informed of the bidding process and firm intentions received from Waves Singer Pakistan Ltd and Bioexyte Foods Pvt Ltd,” the company said in a filing with the Pakistan Stock Exchange.

“The board considered the key recommendations from the management and authorised Najam Aziz Sethi, Syed Manzar Hassan and Nauman Munawar to negotiate and finalise terms of documentation with preferred bidder,” the notice said.

Both companies began their due diligence of the food giant in early August. Bioexyte has bid to acquire 30 per cent of issued and paid-up capital through rights shares along with management control.

A source with knowledge of the transaction told Dawn that Mitchells has been running growing losses for almost four years now and in the last 18 months the directors of the company have had to loan it up to Rs150 million to keep it afloat. In 2018, the company declared a loss of Rs 292.61m, which was Rs30m in 2017.


Published in Dawn, November 21st, 2019

 

zaheer2003

Chief Minister (5k+ posts)
is NAB looking for him ? so he is selling assets ?

Mr. Najam Aziz Sethi
Non Executive Director

Father Name: Abdul Aziz Sethi
Qualification: Graduation from Cambridge University
Experience: More than 10 years in managing affairs of the company.
Address: House #30-C, MOH F.C.C Gulberg IV, Lahore
 

mhafeez

Chief Minister (5k+ posts)
is NAB looking for him ? so he is selling assets ?

Mr. Najam Aziz Sethi
Non Executive Director

Father Name: Abdul Aziz Sethi
Qualification: Graduation from Cambridge University
Experience: More than 10 years in managing affairs of the company.
Address: House #30-C, MOH F.C.C Gulberg IV, Lahore

یہ ان کی خاندانی جائیداد ہے پاکستان بننے کے بعد سے اس کے سسرالیوں کے پاس تھی
 

zahid.sadiq

Senator (1k+ posts)
Hmmmm.......until now i thought that Mitchell's was owned by the Syed Maratab Ali group (Packages Limited).
 

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