Revised Final Offering Document Right Issue

December 04, 2025

The General Manger Pakistan Stock Exchange Ltd Stock Exchange Building Stock Exchange Road Karachi

SUBJECT: SUBMISSION OF FINAL RIGHT OFFER DOCUMENT OF' ORDINARY RIGHT SHARES

Dear Sir,

With reference to the announcement of right shares by 786 Investments Limited, we are pleased to submit the updated Offering Document for your review. The document has been revised in line with the PSX recommendations and the observations communicated by SECP via letter reference SMD/PMADD/786IL/CI/Misc/36/2025/329 dated December 01, 2025 recommendation from PSX were received on November 12 2025.

Furthermore, the Book Closure Date for entitlement of right shares has been proposed as December 17, 2025 to December 17, 2025 subject to any further instructions, guidance, and approval on the draft document and related schedule.

Yours sincerely,

For 786 Investments Limited

Noman Shakir Company Secretary

ADVISE FOR INVESTORS

INVESTMENT IN EQUITY SECURITIES AND EQUITY RELATED SECURITIES INVOLVES A CERTAIN DEGREE OF RISKS. THE INVESTORS ARE REQUIRED TO READ THE RIGHTS SHARE OFFER DOCUMENT (HEREIN REFERRED TO AS 'OFFER DOCUMENT') AND RISK FACTORS CAREFULLY, ASSESS THEIR OWN FINANCIAL CONDITIONS AND RISK-TAKING ABILITY BEFORE MAKING THEIR INVESTMENT DECISIONS IN THIS OFFERING.

RIGHT ENTITLEMENT LETTER IS TRADABLE ON PSX, RISKS AND REWARDS ARISING OUT OF IT SHALL BE SOLE LIABILITY OF THE INVESTORS.

THIS DOCUMENT IS ISSUED FOR THE PURPOSE OF PROVIDING INFORMATION TO SHAREHOLDERS OF THE COMPANY AND TO THE PUBLIC IN GENERAL IN RELATION TO THE RIGHTS ISSUE OF PKR 49,907,509/-CONSISTING OF (4,990,751) NEW ORDINARY SHARES OF PKR 10/- EACH BY 786 INVESTMENTS LIMITED. A COPY OF THIS DOCUMENT HAS BEEN REGISTERED WITH THE SECURITIES EXCHANGE.

THIS OFFER DOCUMENT IS VALID TILL March 09, 2026 (60 days from the last day of payment of subscription amount)

786 Investments Limited Right Share - Offer Document

Company Information

• Date and place of incorporation: 18th September 1990, Karachi, Pakistan.

• Incorporation number: 0022476

• Registered Office: G3, BRR tower, Hassan Ali Street, Off I.I. Chundrigarh Road, Karachi, 74000, Pakistan

• Contact Person: Noman Shakir - Chief Financial Officer & Company Secretary,

• Contact Details: 92-021-32603751-54, Email: company.secretary@786investments.com,

• Website: https://www.786investments.com

  Company Registrar Information:

  • Share Registrar: FD Registrar Services (Pvt) Ltd.,

  • Address: 1705, 17th Floor, Saima Trade Tower-A. I.I. Chundrigar Road, Karachi-74000,

  • Tel: (92-21) 32271905-6. Email: fdregistrar@yahoo.com, info@fdregistrar.com

  • website: https://www.fdregistrar.com

Total Issue Size:

The Right Issue consists of 4,990,751 Right Shares (i.e. approximately 33.33% of the existing paid-up capital of 786 Investments Limited) having a face value of PKR 10/- each, at an offer price of PKR 10/-each for an aggregate issue size of PKR 49,907,509/- (Pak Rupees Forty-Nine Million Nine Hundred Seven Thousand Five Hundred Nine Only) at a ratio of 1 right shares for every 3 Ordinary shares held.

Details of Relevant Contact Person

Underwriters:

Bankers to the issue:

In line with the Companies Act, 2017 and Companies (Further Issue of Shares) Regulations, 2020, this document does not require approval of the Securities Exchange or the Securities and Exchange Commission of Pakistan (SECP).

The Securities Exchange and SECP disclaim:

The Securities Exchange and the SECP disclaim:

1. Any liability whatsoever for any loss however arising from or in reliance upon this document to anyone, arising from any reason, including, but not limited to, inaccuracies, incompleteness and/or mistakes, for decisions and/or actions taken, based on this document.

2. Any responsibility for the financial soundness of the Company and any of its schemes/projects stated herein or for the correctness of any of the statements made or opinions expressed with regards to them by the Company in this Offer document.

3. Any responsibility with respect to the quality of the issue.

It is clarified that information in this Offer document should not be construed as advice on any particular matter by the SECP and the Securities Exchange and must not be treated as a substitute for specific advice.

Glossary of Terms & Definitions

Contents

1. SALIENT FEATURES OF THE RIGHT ISSUE: 10

   1. Brief Terms of the Right Issue 10

   2. Principal Purpose of the Issue and Funding Arrangements 11

   3. Financial Effects Arising from Right Issue 13

   4. Total Expenses to the Issue 15

   5. Details of Underwriters 15

   6. Commitments from Substantial Shareholders/Directors 15

   7. Fractional Right Shares 16

   8. Important Dates - Tentative Schedule for Issue of Letter of Rights 16

2. SUBSCRIPTION AMOUNT PAYMENT PROCEDURE 17

3. PROFILE OF BOARD OF DIRECTORS OF THE COMPANY AND SPONSORS 17

   1. Profile of the Board of Directors of the Company 18

   2. Profile of the Company 19

4. FINANCIAL DETAILS OF THE ISSUER 4.1 Financial highlights of Issuer for last three years 20

   1. Financial highlights for the preceding year of consolidated financial 20

   2. Detail of issue of capital in previous five years 20

   3. Average market price of the share of the Issuer during the last six months 20

   4. Share Capital and Related Matters (as at October 21, 2025) 21

5. RISK FACTORS 22

   1. Risk Associated with the Rights Issue 22

   2. Risk Associated with the Issuer 22

   3. External Risk Factors 24

6. LEGAL PROCEEDINGS 25

7. SIGNATORIES TO THE OFFER DOCUMENT 25

1. ‌SALIENT FEATURES OF THE RIGHT ISSUE:

   1. ‌Brief Terms of the Right Issue

      Item	Details
      Description of issue	Issuance of new ordinary shares by way of rights to existing shareholders of the Company, at PKR 10/- (Pak Rupees Ten) per share, as per their proportional entitlement.
      Size of the proposed issue	The Company shall issue 4,990,751 (Four Million Nine Hundred Ninety Thousand Seven Hundred Fifty-One) ordinary shares, at a price of PKR 10/- (Pak Rupees Ten) per share, aggregating to PKR 49,907,509/- (Pak Rupees Forty-Nine Million Nine Hundred Seven Thousand Five Hundred Nine Only).
      Face value of the share	PKR 10/- each
      Basis of determination of price of the Right Issue	The Right Issue is being carried out at par (PKR 10/- share). The Issue Price has been determined by the Board of Directors based on prevailing market value and does not dilute minority shareholder interest. The Issue Price at Par (i.e., PKR 10/- share) is justified and is in line with market practice. which represents a substantial discount of approximately 29.89% to market price as of the date of announcement of Right Issue (i.e. September 28, 2025) being the date of announcement of the Right Issue).
      Proportion of new issue to existing with condition, if any	1 Right Shares for every 3 ordinary shares held by existing shareholders.
      Date of meeting of the BOD wherein the Right Issue was approved	September 29, 2025
      Names of directors attending the BOD meeting
      Brief purpose of utilization of Right Issue proceeds	The proceeds from the rights issue will be utilized for the following; i. PKR 10,000,000/- will be invested in786 Smart Fund

      1. Mr. Ahmed Salman Munir

      2. Ms. Tara Uzra Dawood

      3. Mr. Ahmer Zia Sarwar

      4. Mr. Nadeem Akhtar

      5. Mr. Iqbal Shafiq

      6. Mr. Syed Musharaf Ali

      7. Mr. Naveed Ahmed

      1. An amount of PKR 13,334,985/-, representing approximately 26.76%, will be utilized for investment in the Collective Investment Schemes managed by 786 Investments Limited.

      2. Breakup value of Right Proceeds

      Item	Details
      	ii. PKR 3, 334,985/- will invested in 786 Money Market Fund. c) For the upgrade of technology; d) To repay the Outstanding Principal Subordinated loan amount PKR 12,000,000/- with approximate financial charges PKR 15,071,132/- All the above is vital for sustaining business growth and aligns with the Company's broader strategy to strengthen its financial position, enhance profitability, and ultimately deliver greater returns to shareholders.
      Minimum Level of Subscription (MLS)	Not Applicable
      Application Supported by Blocked Amount (ASBA) facility. if any, will be provided for subscription of right shares	Not Opted
      Time of Complete Utilization of proceeds	By the end of June 30, 2026

      1. The total fund required for the upgradation of technology is PKR 10,000,000/-

      2. 100% of the funds financed through the Right Issue

      3. 0% of the funds financed from other sources, and

      4. 10% to 20% is the estimated increase in Revenue and Profitability.

   2. ‌Principal Purpose of the Issue and Funding Arrangements

      Purpose of the Right Issue

      The proceeds from the rights issue will be utilized to Repay Subordinated loan principal with financial charges and upgradation of the technology both of which are vital for sustaining business growth. This aligns with the Company's broader strategy to strengthen its financial position, enhance profitability, and ultimately deliver greater returns to shareholders.

      Utilization of Right Issue Proceeds

      Principal Purpose of the issue and funding arrangements	1- For the Repayment of Loan with Financial Charges following is the detail;
      	i. Name of Lender: Tara Uzra Dawood
      	ii. Principal Loan Amount: PKR 22 million
      	iii. Outstanding Principal Amount PKR 12M
      	iv. Markup Amount: PKR 15,071,132
      	v. Markup Terms @ 3 Month KIBOR +2%
      	vi. Date of Agreement 17/07/2020

      	vii. No Pledge against the Loan
      	viii. The loan amount was deposited on 14 September 2020. The funds were utilized to strengthen the Company's equity position and ensure compliance with the Minimum Equity Requirement (MER) of PKR 230 million for both licenses. Prior to the subordinated loan, the Company's equity stood at PKR 208 million, covering only the Asset Management license. After infusion of this loan, the MER requirement was met, and the Investment Advisory Services license was successfully renewed.
      	ix. A reduction in financial charges on the outstanding amount-calculated at 3-month KIBOR + 2%-will contribute to improved company profitability.
      Upgradation of Technology	i. Nature of Asset: Intangible Assets
      	ii. Title of the Asset: Software Application & Network Server
      	iii. Estimated Cost of the Asset: PKR 10 million
      	iv. Related Party Disclosure: The vendor from whom the intangible asset is being acquired is not a related party.
      	Breakup Value of upgradation:
      	a) Core Software Development & Licensing: PKR 5M
      	b) Server Infrastructure (Network + Hosting): PKR 3.5M
      	c) Investor Portal Interface: PKR 1.5M
      Investment in Collective Investment Scheme	786 Investments License Details:
      	The Collective Investment Schemes are managed under License No. SECP/LRD/LD/17/AMCW/786IL/2022, issued on July 3, 2025, for a period of three (03) years with effect from May 26, 2025. The license has been granted in accordance with the NBFC Regulatory Framework to carry out Asset Management Services under sub-rule (9) of rule 5 of the NBFC Rules, 2003. This license is held by 786 Investments Limited for the management and operation of the following Collective Investment Schemes:
      	Collective Investment Scheme 1: 786 Smart Fund
      	Type of Fund: Open-End Funds.
      	Collective Investment Scheme 2: 786 Islamic Money Market Type of Fund: Open-End Funds.

      • Proposed allocation of Right Proceeds: PKR 10 million

      • Latest Fund Size: PKR 1.4B

      • Latest Net Asset Value (NAV): As of December 01, 2025, the latest published NAV for the relevant funds is PKR 87.33.

      • Yearly Return: 9.22%

      • Proposed allocation of Right Proceeds: PKR 3, 334,985/-

      • Latest Fund Size: PKR 388M

      • Latest Net Asset Value (NAV): As of December 01, 2025, the latest published NAV for the relevant funds is PKR 104.32

      • Yearly Return: 9.26%

      1. Basis of raising the money from right issue:

         • The Company has an outstanding subordinated loan that carries associated financial charges. This liability increases the financing cost and impacts the bottom line.

         • Existing technology infrastructure requires modernization to meet evolving market standards and operational efficiency needs.

         • The Company seeks to strengthen its internal investment capacity through allocation to its own fund.

      2. Reasons and benefits for raising additional funds (with facts and figures)

         • Repaying this loan strengthens the balance sheet, reduces financial leverage, and lowers recurring interest expenses, thereby improving profitability and enhancing long-term sustainability.

         • Investment in technology upgradation will improve productivity, reduce operational bottlenecks, enhance service delivery, and maintain competitiveness. This ensures 786 Investments Limited continuity and supports growth by aligning with industry best practices.

         • This investment creates an additional revenue stream, diversifies income sources, and provides financial resilience. It also reflects prudent treasury management, positioning the Company for future growth opportunities and shareholder value creation.

   3. ‌Financial Effects Arising from Right Issue

      The final Offer Document states the following Financial Effects:

      1. The Company confirms that the Financial Effects Arising from the Right Issue have been fully updated in line with the audited financial statements and recalculated based on accurate pre-issue and post-issue numbers.

         Item	Measurement Units	Pre-Issue	Post-Issue	Increase in Percentage
         Authorized Share Capital	PKR	200,000,000	200,000,000	0%
         Paid-up Capital	PKR	149,737,500	199,645,009	33.33%
         Net Equity	PKR	271,759,595	321,667,104	18.35%
         Net Assets Breakup Value per Share	PKR	18.15	16.11	(11.24%)
         Gearing Ratio	%	10.12%	8.55%	(15.51%)
         Market Share	N/A	N/A	N/A	N/A

      2. Pre-issue and post-issue number of Authorized shares capital and Paid-up Capital

         Section	Particulars	Pre-Issue	Right Issue Impact	Post-Issue
         Share Capital	Number of Shares	14,973,750	+4,990,751	19,964,501
         Equity	Net Equity (PKR)	271,759,595	+49,907,509	321,667,104
         Equity Increase (%)	-	-	-	18.36%
         NAV / Breakup Value	NAV per Share (PKR)	18.15	-	16.11
         NAV Impact	-	-	-	Decrease
         Gearing Ratio	Total Liabilities (PKR)	27,503,917	No Change	27,503,917
         	Gearing Ratio (%)	10.12%	-	8.55%
         Change in Gearing Ratio (%)	-	-	-	15.51% Reduction

      3. Formula of Net Asset Breakup Value per share and Gearing Raito is mentioned below.

         Computation	Formula Used	Result
         Actual Number of Shares (Pre-Issue)	Paid-up Capital ÷ Par Value = 149,737,500 ÷ 10	14,973,750 shares
         Post-Issue Shares	Paid-up Shares + Right Shares= 14,973,750 + 4,990,751	19,964,501 shares
         Post-Issue Equity	Equity + Right proceeds = 271,759,595 + 49,907,509	321,667,104
         Increase in Equity (%)	(Post-Issue Equity − Pre-Issue Equity) ÷ Pre-Issue Equity × 100	18.36%
         Pre-Issue NAV per Share	(Net Asset /no. of share before issue) = 271,759,595 ÷ 14,973,750	18.15
         Post-Issue NAV per Share	(Net Asset /no. of share after issue) = 321,667,104 ÷ 19,964,501	16.11
         Pre-Issue Gearing Ratio	Gearing Ratio - Pre Issue = (Total Debt/Total Equity Before Issue) *100 Total Liabilities ÷ Pre-Issue Equity = 27,503,917 ÷ 271,759,595	10.12%
         Post-Issue Gearing Ratio	Gearing Ratio - Post Issue = (Total Debt/Total Equity After Issue) *100 Total Liabilities ÷ Post-Issue Equity = 27,503,917 ÷ 321,667,104	8.55%
         Change in Gearing (%)	(Post-Issue Ratio − Pre-Issue Ratio) ÷ Pre-Issue Ratio × 100	(15.51%) Reduction

   4. ‌Total Expenses to the Issue

      Expense Head	Amount
      Underwriting Commission	0.5%
      Bankers Commission	PKR 75000/- flat
      PSX Fee (0.2% of increase in paid-up-capital)	Upto PKR 998,150
      SECP Supervisory Fee (10% of fees paid to PSX)	Upto PKR 99,815
      CDC Fee - Fresh Issue Fee	0.144% of the new share capital
      Stamp Duty for Additional Shares (0.15% of face value in book entry form / 1.5% on physical shares)	Upto PKR 748,612
      Additional Fee for Auditors Certificates	Upto PKR 50,000
      Financial Advisor Fee	Nil
      Legal Advisor Fee	Nil

   5. ‌Details of Underwriters

      Name of Underwriter	Amount Underwritten (PKR)	Associated Company/Associated Undertaking of Issuer (Yes/No)
      Dawood Equities Limited	34,935,850/-	No

   6. ‌Commitments from Substantial Shareholders/Directors

      Name of Person	Status (Substantial Shareholder/Director)	Number of Shares Committed to be Subscribed	Amount Committed to be Subscribed (PKR)**	Shareholding % pre-issuance	Shareholding % post-issuance**
      Tara Uzra Dawood	Director	1,492,166	14,921,660	29.90%	29.90%
      B.R.R Guardian Limited	Substantial Shareholder	824,854	8,248,540	16.53%	16.53%
      Ahmed Salman Munir	Director	833	8,330	0.0167%	0.0167%
      Ahmer Zia Sarwar	Director	833	8,330	0.0167%	0.0167%
      Iqbal Shafiq	Director	833	8,330	0.0167%	0.0167%

      Name of Person	Status (Substantial Shareholder/Director)	Number of Shares Committed to be Subscribed	Amount Committed to be Subscribed (PKR)**	Shareholding % pre-issuance	Shareholding % post-issuance**
      Nadeem Akhter	Director	833	8,330	0.0167%	0.0167%
      Syed Musharaf Ali	Director	833	8,330	0.0167%	0.0167%
      Naveed Ahmed	Director	833	8,330	0.0167%	0.0167%

      Notes 1.6 is amended as follows:

      • The Portion pertaining to Bank of Khyber, being a substantial shareholder, holding 15% of the existing shares, has been underwritten.

      • Subject to the actual number of shares subscribed during the right issue

      • (Note that directors and subscribers may arrange for others to subscribe to their entitlements; furthermore, such persons may subscribe to additional shares offered by the Board)

   7. ‌Fractional Right Shares

      • Fractional shares, if any, shall not be offered and all fractions less than a share shall be consolidated and disposed of by the company and the proceeds from such disposition shall be paid to such of the entitled shareholders as may have accepted such offer;

   8. ‌Important Dates - Tentative Schedule for Issue of Letter of Rights

      786 Investments Limited Schedule for Issuance of Letter of Rights Book Closure: From 17.12.2025 to 17.12.2025 (both days inclusive)
      Serial	Procedure	Day	Date
      1	Date of credit of unpaid Rights into CDC in Book Entry Form	Thursday	18.12.2025
      2	Dispatch of Letter of Right (LOR) to physical shareholders	Monday	22.12.2025
      3	Intimation to PSX Dispatch/Credit of Letter of Right (LOR) to physical shareholders	Monday	22.12.2025
      4	Commencement of trading of unpaid Rights on the Karachi Stock Exchange Limited	Friday	19.12.2025
      5	Last date for splitting and deposit of Requests into CDS	Wednesday	24.12.2025

      6	Last date of trading of Rights Letter	Friday	02.01.2026
      7	Last date for acceptance and payment of shares in CDC and physical form - Last payment date	Friday	09.01.2026
      8	Allotment of shares and credit of book entry of Shares into CDC	Friday	23.01.2026
      9	Date of dispatch of physical shares certificates	Friday	23.01.2026

2. ‌SUBSCRIPTION AMOUNT PAYMENT PROCEDURE:

   1. Payment as indicated above should be made by cash or crossed cheque or demand draft or pay order made out to the credit of "786 Investments Limited -Right Shares Subscription Account" through any of the authorized branches of above-mentioned bank(s) on or before January 09, 2026 along with this Right Subscription Request duly filled in and signed by the subscriber(s).

   2. (ii) Right Subscription Request can be downloaded from the Company website https://www.786investments.com

   3. ln case of Non-Resident Pakistani/ Foreign shareholder, the demand draft of the equivalent amount in Pak Rupees should be sent to the Chief Financial Officer, (Mr. Noman Shakir) at the office of the issuer along with Right Subscription Request (both copies) duly filed and signed by the subscriber(s) with certified copy of NICOP

      / Passport well before the last date of payment.

   4. All cheques and drafts must be drawn on a bank situated in the same city where the Right Subscription Request is deposited. Cheque is subject to realization.

   5. The Banker(s) to the lssue will not accept Right Subscription Requests delivered by post which may reach after the closure of business January 09, 2026 unless evidence is available that these have been posted before the last date of payment.

   6. Payment of the amount indicated above to the lssuer's Banker(s) to the lssue on or before January 09, 2026 shall be treated as acceptance of the Right offer.

   7. After payment has been received by the Banker(s) to the lssue, the Right Securities will be credited into respective CDS Accounts within l-4 business days from the last payment date. Paid Right Subscription Request will not be traded or transferred.

3. ‌PROFILE OF BOARD OF DIRECTORS OF THE COMPANY AND SPONSORS

   Name	Position	Tenure of Directorship
   Mr. Ahmed Salman Munir	Independent Director	Since July 30, 2024
   Ms. Tara Uzra Dawood	Female Director & Chief Executive Officer	Since July 30, 2024

   Name	Position	Tenure of Directorship
   Mr. Ahmer Zia Sarwar	Independent Director	Since July 30, 2024
   Mr. Nadeem Akhtar	Independent Director	Since July 30, 2024
   Mr. Iqbal Shafiq	Non-Executive Director	Since July 30, 2024
   Mr. Syed Musharaf Ali	Non-Executive Director	Since July 30, 2024
   Mr. Naveed Ahmed	Non-Executive Director	Since July 30, 2024

   1. ‌Profile of the Board of Directors of the Company

      Ahmed Salman Munir - Chairperson

      Mr. Ahmed Salman Munir is currently a management consultant, executive coach and innocence lawyer. He has more than 30 years of progressive experience working with Fortune 500 companies both inside and outside Pakistan. He started his career with Exxon Chemical Pakistan Ltd and gained first class experience in Industrial Relations and Company Secretarial functions, then moved on to The Chase Manhattan Bank and remained Head of Human Resource for 5 years in Pakistan. In 1991, he joined Asian Development Bank, Manila, Philippines and remained in human resource function for 16 years until 2007 gaining experience with 65 nationalities in a multilateral environment. When he took early retirement in 2007 to return to Pakistan, he was Principal Compensation and Benefits Specialist, looking after compensation affairs of 25 Asian Development Bank Offices around the world. After returning to Pakistan, he remained Head of Human Resource with Summit Bank Ltd and a consultant until he retired in 2011. Thereafter he has worked as a consultant, visiting faculty at IBA, Karachi and an Executive Coach. Most recently, he worked as a consultant with Zarai Taraqiati Bank, Islamabad until Jan 2018.

      Mr. Munir likes to give back to the society and work Pro Bono to help women, children and men in distress. He was on the Board of Trustees, International School Manila for 3 years and honorary Editor of Pakistan Labor Cases in 1981/82. At that time, he also taught at Punjab University Law College, Lahore. He is a University Blue and holds Tennis colors from the Punjab University and Government College Lahore.

      Tara Uzra Dawood - Chief Executive Officer

      Miss Tara Uzra Dawood is the CEO and Founder of 786 Investments Limited, one of Pakistan's oldest and most respected asset management companies, established in 2003 and listed on the Pakistan Stock Exchange. She also serves on the boards of PAYSYS Labs (Pvt.) Limited, LADIESFUND Solar (Pvt.) Limited, LADIESFUND Energy (Pvt.) Limited, Pakistan Refinery Limited, Flow Petroleum (Pvt.) Limited, and Dawood Family Takaful Limited.

      She is certified in Corporate Governance by both the Pakistan Institute of Corporate Governance and Harvard Business School. A distinguished scholar, she holds a Doctorate in Juridical Science (S.J.D.) from Harvard Law School, where she specialized in Shariah law and finance, as well as mergers and acquisitions. She also earned her Bachelor of Arts (Honors) from Cornell University and Oxford University.

      Before founding 786 Investments Ltd., Miss Dawood worked with several leading international law firms across New York, Toronto, Amsterdam, Brussels, and California. She has also served on the faculty of

      Danube University Krems (Austria), as recommended by The International Investment Funds Association and EBAMA.

      Globally recognized as an authority on Shariah-compliant finance and finance for women, Miss Dawood has represented Pakistan at numerous prestigious international forums. She was a featured speaker at ALFI Rentrée 2020, organized by the Association of the Luxembourg Fund Industry, having also

      presented there in 2013 and 2014 on Islamic finance. Additionally, she was invited by France's Association Française de la Gestion Financière to contribute to the launch of its Shariah mutual funds industry.

      Iqbal Shafiq - Director

      Mr. Iqbal Shafiq is highly motivated individual, with complete dedication and commitment to work and fast learner, looking forward to have an excellent and rewarding business skills. He has done Masters (M.A Economics) from University of Manchester, U.K. He had established a Consultancy Firm in 1980 with the name Iqbal Shafiq Associates registered with Ministry of Planning Islamabad and Asian Development Bank. He has vast experience in financial consultancy.

      Syed Musharaf Ali - Director

      Mr. Syed Musharaf Ali is highly motivated individual, with complete dedication and commitment to work and fast learner, looking forward to have excellent and rewarding business skills. He has done Masters in Business Finance and working as Chief Financial Officer in listed Financial Institution. He has vast experience in financial sector.

      Naveed Ahmed - Director

      Mr. Naveed Ahmed has Master's Degree in Finance and Economics. He is also a Law graduate (LLB). He has over 15 years of professional experience with Financial Institutions major in Legal, Compliance and Corporate Affairs. He has been associated with well reputed Organizations like Central Depository Company of Pakistan, First Dawood Investment Bank Ltd and Dawood Family Takaful Limited.

      Ahmer Zia Sarwar - Director

      Mr. Ahmer Zia Sarwar is a member of ACCA and has done a master's in commerce. He has over 15 years of experience in professional teaching training. He has taught more than 4000 students in his journey. He is also the chairman of a consultancy firm orange management consultant. He is an expert on IFRS and Auditing standards.

      Nadeem Akhtar - Director

      Mr. Nadeem Akhter is an independent Director a fellow member of the Institute of Cost & Management Accountants of Pakistan and a fellow member of the Institute of Corporate Secretaries of Pakistan. He served for more than two decades in senior positions in various multinational and national organizations including rich experience of more than seventeen years in the insurance industry.

   2. ‌Profile of the Company

      786 Investments Limited is a public limited Non-Banking Finance Company (NBFC), incorporated in 1990 and licensed by the Securities and Exchange Commission of Pakistan (SECP) to provide asset management and investment advisory services. Listed on the Pakistan Stock Exchange under the symbol "786" and

      rated AM3+, the company offers a diverse portfolio of products, including mutual funds, savings plans, and wealth management solutions such as the 786 Smart Fund and 786 Islamic Money Market Fund. The organization is led by CEO Tara Uzra Dawood, with key management including Noman Shakir as CFO and Company Secretary. Its major shareholders include Tara Uzra Dawood, The Bank of Khyber, and B.R.R. Guardian Limited. With a commitment to transparency, ethical practices, and sustainable growth, 786 Investments strives to create long-term value for its investors while promoting responsible and socially impactful investment strategies that contribute to community well-being. and financial performance, while also emphasizing community well-being and social responsibility.

4. ‌FINANCIAL DETAILS OF THE ISSUER

   1. Financial highlights of Issuer for last three years

      Description	30-Jun-25	30-Jun-24	30-Jun-23
      Gross Revenue / Sale	81,246,419	46,699,436	46,781,094
      Net unrealized gain/(loss) on revaluation of investments	2,866,112	(18,603,724)	(850,290)
      Gross Profit	38,923,052	11,021,406	13,091,424
      Profit before Tax	38,951,439	10,939,958	13,536,828
      Profit after Tax	35,418,029	5,658,848	10,075,813
      Net Profit	35,418,029	5,658,848	10,075,813
      Accumulated Profit	76,391,831	40,973,802	35,314,954
      Total Assets	299,263,512	260,515,343	262,828,688
      Total Liabilities	27,503,917	24,173,777	22,145,970
      Net Equity	271,759,595	236,341,566	240,682,718
      Book Value per Share	18.1491	15.7837	16.0736
      Earnings per Share	2.37	0.38	0.67
      Dividend	Nil	Nil	Nil

   2. ‌Financial highlights for the preceding year of consolidated financial

      • Not Applicable

   3. ‌Detail of issue of capital in previous five years

      • NIL

   4. ‌Average market price of the share of the Issuer during the last six months

      • PKR 11.61/- per share

   5. ‌Share Capital and Related Matters (as at October 21, 2025)

      1. Pattern of Shareholding of the Issuer (relative & absolute terms)

         786 Investment Limited Pre Issue Additional Information as at October 21, 2025

         S. No.	Categories of Share holders	Shares Held	% Age
         1	Substantial Shareholders	2,474,562	16.53
         	B.R.R. Guardian Limited	2,474,562
         2	Directors, CEO their Spouses and Minor Children	4,491,498	30.00
         	Miss Tara Uzra Dawood	4,476,498
         	Mr. Iqbal Shafiq	2,500
         	Mr. Ahmer Zia Sarwar	2,500
         	Mr. Ahmed Salman Munir	2,500
         	Mr. Nadeem Akhter	2,500
         	Syed Musharaf Ali	2,500
         	Mr. Naveed Ahmed	2,500
         3	General Public and Others	8,007,690	53.48
         	Total	14,973,750	100.00

         Shareholders holding ten percent or more shares in the Company before Right Issue	Share Held	%
         Miss Tara Uzra Dawood	4,476,498	29.90%
         B.R.R. Guardian Limited	2,474,562	16.53%
         The Bank of Khyber	2,246,055	15.00%

         786 Investment Limited Additional Information after Right Issue

         S. No.	Categories of Share holders	Shares Held	% Age
         1	Substantial Shareholders	3,299,416	16.53
         	B.R.R. Guardian Limited	3,299,416

         2	Directors, CEO their Spouses and Minor Children	5,988,662	30.00
         	Miss Tara Uzra Dawood	5,968,664
         	Mr. Iqbal Shafiq	3,333
         	Mr. Ahmer Zia Sarwar	3,333
         	Mr. Ahmed Salman Munir	3,333
         	Mr. Nadeem Akhter	3,333
         	Syed Musharaf Ali	3,333
         	Mr. Naveed Ahmed	3,333
         3	General Public and Others	10,676,423	53.48
         	Total	19,964,501	100.00

      2. Details and shareholding of the holding company

         • Not Applicable

5. ‌RISK FACTORS

   1. ‌Risk Associated with the Rights Issue

      • Under-subscription Risk:

      There is a risk that the Right issue may get undersubscribed due to lack of interest from shareholders of the Company. The Right issue is being carried out at a price which is less than the current share price in the market and hence there is no major investment risk associated with the Right issue. The substantial shareholders and directors of the Company have confirmed that they shall subscribe to (or arrange the subscription of) their respective right entitlements, while the balance portion of the Right issue will be underwritten in accordance with the applicable laws.

   2. ‌Risk Associated with the Issuer

      A. Internal Risk Factors

      Type of Risk	Description
      a) Operational Risk	Operational risk represents the possibility that weaknesses or failures in the Company's internal processes, systems, personnel, or controls may adversely affect its ability to perform essential AMC functions, such as trade execution, NAV computation, fund accounting, compliance reporting, and investor servicing. As an AMC regulated under the NBFC Regulations 2008, the Company is required to maintain strong operational discipline, and any disruption in its technology platforms, reconciliation processes, cybersecurity environment, or workflow systems may hinder regulatory reporting and affect service delivery to investors.
      b) Financial Risk	Financial risk refers to the uncertainties associated with the Company's financial assets, liabilities, and revenue streams, particularly because its earnings largely depend on the level of Assets Under Management (AUM) and fee income from managed funds. The Company currently carries a subordinated loan with markup as its primary financial liability, and fluctuations in cash flow or revenue may affect its financial flexibility. The repayment of the subordinated loan through rights proceeds will significantly reduce the Company's financial leverage, eliminate markup burden, strengthen the balance sheet, and improve its long-term financial stability.

      Type of Risk	Description
      c) Credit Risk	Credit risk arises from the possibility that counterparties may fail to meet their financial obligations, particularly management fee receivables due from collective investment schemes managed by the Company. The Company's exposure to credit risk remains limited because receivables are short-term, diversified, and historically demonstrate no defaults, and because trustee and custodial arrangements mandated by SECP ensure adequate settlement discipline. Management continues to monitor receivable recoveries to ensure minimal exposure to credit-related losses.
      d) Liquidity Risk	Liquidity risk represents the chance that the Company may face difficulty in meeting its financial obligations as they fall due. Given that the Company has minimal borrowings apart from the subordinated loan, and given that the loan repayment will be made through the rights issue proceeds, the overall liquidity exposure is expected to decline materially. The Company believes liquidity risk to be low due to its predictable fee-based income, low fixed-cost structure, and improved cash position after the elimination of loan-related outflows.
      e) Regulatory Compliance Risk (SECP & PSX)	Regulatory compliance risk refers to the possibility that failure to meet any requirement of the NBFC Regulations 2008, SECP directives, or PSX listing obligations may result in penalties, reputational harm, or operational restrictions. The Company has taken corrective steps, including revising its object clause to align its memorandum with AMC-related activities, to facilitate removal from PSX's non-compliant segment and ensure full adherence to applicable regulations. The Company continues to maintain robust compliance processes to avoid any regulatory lapses.
      Software Licensing Risk	Technology and software licensing risk arises because the Company is upgrading its digital infrastructure-including fund management software, portfolio systems, servers, and cybersecurity tools-which require valid software licenses, annual renewals, and vendor-supported updates. If the Company is unable to procure or renew any required licenses, its ability to operate core AMC functions such as NAV calculation, investor onboarding, trade processing, and reporting may be adversely affected. This risk is being mitigated through vendor coordination, contingency plans, license monitoring systems, and dedicated allocation of rights proceeds for technology enhancement.
      Regulatory Risk	Regulatory risk refers to the possibility that future amendments in the NBFC Regulations 2008 or related SECP directives may impact the Company's operations, fee structure, governance requirements, product offerings, or cost of compliance. Any changes in regulatory capital requirements, fund investment limits, disclosure rules, or taxation could influence the Company's profitability and operational flexibility. The Company actively monitors regulatory developments to ensure timely compliance and strategic adaptation.
      Negative Operating Cash Flow Risk	Negative operating cash flow risk arises because the Company has recorded negative cash flows from operating activities in recent financial years due to subdued AUM levels, higher compliance costs, and technology-related expenditures. Continued shortfalls could affect the Company's ability to meet its working capital needs without external financing. Management plans to address this by repaying the subordinated loan, upgrading technology to improve efficiency, and investing a portion of rights proceeds into its own collective investment scheme to increase recurring fee income and restore positive cash flows.
      Investment Risk	Since the Company's future management fee income is influenced by fund

      • Investment risk refers to the possibility that market volatility, interest rate changes, or economic downturns may negatively affect the performance of the collective investment scheme into which rights proceeds will be invested.

      Type of Risk	Description
      	performance, adverse market movements may impact returns and income. The Company mitigates this risk through diversified portfolio allocation, continuous market monitoring, strict adherence to SECP investment guidelines, and a disciplined investment process.

      • Please note as per SECP Circular No: 11 of 2018 states that "Investment in equity and equity-related securities involves a risk of loss, and the investor may lose his investment entirely. The Company, its sponsors, directors, or advisers do not in any manner guarantee the returns on investment nor assume any responsibility for the investment performance."

   3. ‌External Risk Factors

      Type of Risk	Description
      A. Business Risk	Business risk represents the possibility that the Company's revenue or profitability may decline due to reductions in AUM, investor redemptions, or weakened demand for investment products during periods of economic slowdown. Since the Company operates exclusively as an AMC and earns fee income based on AUM, any market-driven or sentiment-driven reduction in fund size may directly affect earnings.
      B. Interest Rate Risk	Interest rate risk refers to the impact of changes in market interest and markup rates on the performance of fixed-income and money market funds managed by the Company. Although the Company does not have interest-bearing bank debt other than the subordinated loan being repaid through rights proceeds, interest rate fluctuations may influence fund returns, investor behavior, and consequently the Company's management fee income.
      C. Foreign Exchange Risk	Foreign exchange risk arises indirectly from macroeconomic conditions, as significant fluctuations in PKR/USD exchange rates may affect investor confidence, market yields, software procurement costs, and the overall financial market environment in which the Company operates. While the Company does not maintain major foreign-currency assets or liabilities, imported software and technology costs may increase in a depreciating currency environment.
      D. Risk in the Global Economic and Financial Markets	Global economic and geopolitical developments-including commodity price shocks, inflationary pressure, global recessionary trends, and volatility in international financial markets-may negatively influence Pakistan's interest rates, sovereign yields, and investor sentiment. Such external shocks can indirectly affect the performance of funds under management and therefore the Company's fee-based revenue.
      E. Regulatory Risk	Regulatory risk also arises from changes in government policies, taxation rules, or sector-specific regulations that may affect industries in which the Company's collective investment schemes invest. Amendments in duties, taxes, or industry- related policies may impact the profitability or valuation of underlying securities, thereby influencing fund performance and management fee income.

6. ‌LEGAL PROCEEDINGS

   Clause	Description
   6.1 Outstanding Legal Proceedings of the Company	NIL
   6.2 Action taken by the Securities Exchange against the issuer or associated listed companies of the issuer during the last three years due to noncompliance of the its Regulations	Order dated August 29, 2025 under Section 282J(1) of the Companies Ordinance, 1984 which was PKR 25,000/- only
   6.3 Any outstanding legal proceeding other than the normal course of business involving the issuer, its sponsors, substantial shareholders, directors and associated companies, over which the issuer has control, that could have material impact on the issue	NIL

7. ‌SIGNATORIES TO THE OFFER DOCUMENT

For and on behalf of

786 Investments Limited

Ahmed Salman Munir Tara Uzra Dawood Ahmer Zia Sarwar

Iqbal Shafiq

Naveed Ahmed

Nadeem Akhter

Syed Musharaf Ali

Disclosures in tabular form of SECP comments on the Offer Document Comments on Offer Document of 786 Investments Limited (the "Company") In compliance with Regulation 3(2)(v) read with Schedule of the Companies (Further Issue of Shares) Regulations, 2020 (the "Regulations")