Oilboy Energy Limited has announced plans to change the use of Rs. 250 million raised through a recent rights issue, shifting the focus from a bio-oil project to expanding its core trading and logistics operations.
In a notice to the Pakistan Stock Exchange on Tuesday, the company said its board has approved a proposal to seek shareholder consent at the upcoming Annual General Meeting (AGM) for the revised use of funds.
The capital, originally earmarked for the “Bio-Oil from Pyrolysis- Waste to Energy through Fast Pyrolysis” project, will now be used for three main purposes: expanding Oilboy’s trading business in coal, LPG, and allied fuel products; enhancing storage, logistics, and supply chain infrastructure; and strengthening working capital and operating assets.
The board has authorized the Chief Executive Officer to take all necessary actions to implement the resolution, including regulatory filings and convening the AGM.
The proposed change is subject to approval from shareholders, the Securities and Exchange Commission of Pakistan, and the Pakistan Stock Exchange.
Editorial & Legal Practice Group
Authored and reviewed by the corporate law and tax litigation practice group at Javid Law Associates. Our team comprises High Court advocates, corporate legal advisors, and authorized tax practitioners across Pakistan.
Advocates High Court & Tax Counsel
Jurisdiction: Pakistan