Oilboy Energy Limited has announced a proposal to alter the utilization plan of funds raised through its 100% rights issue during its upcoming Annual General Meeting (AGM). The company’s Board of Directors, in a resolution passed through circulation, recommended changing the purpose for which the Rs. 250 million raised from the issuance of 25,000,000 ordinary shares was initially intended.
The funds, originally designated for the ‘Bio-Oil from Pyrolysis – Waste to Energy through Fast Pyrolysis’ project, will now be utilized for three key areas: expanding the company’s existing trading business, particularly in coal, LPG, and allied fuel products; enhancing the storage, logistics, and supply chain infrastructure; and strengthening the company’s working capital and operational assets.
The resolution, subject to approvals from the Securities and Exchange Commission of Pakistan (SECP) and the Pakistan Stock Exchange (PSX), will be presented for approval at the AGM. The company’s CEO has been authorized to take the necessary steps to finalize and execute the required actions to implement this decision.
The proposed change marks a shift in the company’s strategic direction, with a greater focus on expanding its core trading operations and bolstering its infrastructure.
If approved, the reallocation of funds is expected to provide a stronger foundation for Oilboy Energy’s future growth in the energy sector.
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