Karachi: An Agreed-Upon Procedures Report was issued by Naveed Zafar Ashfaq Jaffery & Co on March 3, 2026, assessing the progress of Barkat Frisian Agro Limited in alignment with regulatory requirements. The report pertains to the company’s compliance with clause 16 of the Public Offering Regulation, 2017, and clause 4.7.1 of the prospectus dated February 11, 2025, for the period ending December 31, 2025.

The report was designed to aid Barkat Frisian Agro Limited in fulfilling its post-issue reporting and disclosure obligations. The management of the company acknowledged the appropriateness of these procedures, which were conducted in accordance with the International Standard on Related Services 4400 (revised). The engagement did not include an assurance conclusion, and no opinion was expressed on the findings.

Naveed Zafar Ashfaq Jaffery & Co highlighted their compliance with ethical standards as outlined by the International Ethics Standards Board for Accountants. The firm has implemented a system of quality management as required by the International Standard on Quality Management 1.

The report encapsulated several procedures, including obtaining the company’s prospectus, understanding management controls, and reviewing books of account from March 7, 2025, to December 31, 2025. These procedures were matched to the implementation status of the projects as detailed in the prospectus.

According to information available from the Pakistan Stock Exchange (PSX), the procedures also involved matching the funds required under the implementation status with the prospectus and reconciling actual expenditures incurred by December 31, 2025, for relevant expansion projects. The calculations for allocation percentages based on required funds were verified without discrepancies.

The report, addressed exclusively to Barkat Frisian Agro Limited, is not intended for any other use or distribution. This comprehensive evaluation ensures the company’s adherence to its financial commitments and regulatory framework as outlined in its public offering documents.