Oilboy Energy Limited has received shareholder approval to revise the utilisation of funds raised through its Rs250 million right issue, according to a notice submitted to the Pakistan Stock Exchange (PSX) on Tuesday.
The company informed the exchange that shareholders passed the resolution at an extraordinary general meeting held on December 16, 2025, in line with PSX regulations and the Companies Act, 2017.
Under the approved resolution, Oilboy Energy has changed the purpose of funds raised through the 100% right issue of 25 million ordinary shares of Rs10 each. The proceeds were initially earmarked for a waste-to-energy project titled “Bio-Oil from Pyrolysis—Waste to Energy through Fast Pyrolysis.”
The company said the funds have now been utilised for expansion of its trading business in coal, LPG, and allied fuel products, enhancement of storage, logistics, and supply chain infrastructure, and strengthening of working capital and related operating assets.
Shareholders also authorised the chief executive officer to undertake all necessary actions, execute documentation, and complete statutory and regulatory filings required to implement the resolution, subject to approvals from the Securities and Exchange Commission of Pakistan and the Pakistan Stock Exchange.
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