Oilboy Energy Limited (PSX: OBOY) has announced plans to seek shareholder ratification for changes in the utilization of Rs 250 million raised through its recent rights issue of 25 million ordinary shares at Rs 10 each.
In a notice to the Pakistan Stock Exchange, the company revealed that the Board of Directors had approved a special resolution to be placed before shareholders at an upcoming Extra-Ordinary General Meeting (EOGM). The resolution aims to ratify the revised purpose of utilizing the funds.
According to a board resolution dated November 11, 2025, the funds have already been allocated to support the company’s ongoing business expansion in key areas. These include the growth of its trading business, specifically focusing on coal, LPG, and allied fuel products. Significant investments have also been made to enhance the company’s storage, logistics, and supply chain infrastructure, as well as to strengthen its working capital base and related operating assets.
The Board has recommended that shareholders approve these changes at the EOGM. The company’s CEO has been authorized to finalize and issue the notice of the meeting, along with the explanatory statement for the members. The CEO is also tasked with ensuring the smooth conduct of the meeting and completing all necessary corporate, legal, and regulatory formalities, including filings with the Securities and Exchange Commission of Pakistan (SECP) and the Pakistan Stock Exchange (PSX).
Discover more from Brackly News
Subscribe to get the latest posts sent to your email.
