BFAGRO reports IPO proceeds utilization progress

May 21, 2026 (MLN): Barkat Frisian Agro Limited (PSX:BFAGRO) has reached full mechanical completion of its egg processing facility, with all plant and machinery installations successfully finished and production was scheduled to commence in April 2026.

The milestone, reported in the company's Quarterly Progress Report for the period ended March 31, 2026, reflects on-schedule progress in the utilization of IPO proceeds in line with the objectives outlined in the Prospectus.

All core egg processing equipment has been installed and commissioned, along with essential utility systems including refrigeration machinery, chillers, heaters, and air compressors. The project has now entered its final phase of testing, commissioning, and operational optimization.

On the civil works front, land development and construction have been substantially completed, with only finishing activities remaining in ancillary facilities and supporting structures, expected to wrap up in the coming quarter.

Similarly, mechanical, electrical, and plumbing works are largely finalized, including HT/LT systems, transformers, cabling, lighting, firefighting, CCTV, networking, and security systems.

On the infrastructure side, advance payment for the solar power system has been made with installation progressing on schedule, while procurement of furniture and fittings is nearing completion. All major statutory approvals, NOCs, permits, and certifications have been secured.

Regarding working capital, the company's unutilized IPO proceeds remain retained and are proposed to be deployed toward working capital requirements in the next quarter, consistent with the offer document.

The status of IPO Funds utilization as of March 31, 2026 is as follows:

The aforementioned information was disseminated through a notification to Exchange.

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