Oilboy Energy greenlights Rs250m fund reallocation

December 16, 2025 (MLN): Shareholders of Oilboy Energy Limited have approved a change in the purpose of utilisation of funds raised through the company’s 100% right issue, amounting to Rs250 million, during an Extra Ordinary General Meeting (EOGM) held today.

According to a notice submitted to the Pakistan Stock Exchange (PSX), the shareholders ratified and approved the revised use of proceeds from the right issue of 25 million ordinary shares of Rs10 each.

These funds were were originally earmarked for the project titled “Bio-Oil from Pyrolysis Waste to Energy through Fast Pyrolysis.”

The company informed that the funds have instead been utilised for the expansion of its existing trading operations, particularly in coal, LPG, and allied fuel products. 

In addition, the proceeds were deployed to enhance storage, logistics, and supply chain infrastructure, as well as to strengthen the company’s working capital base and related operating assets.

The approval was granted in accordance with the Companies Act, 2017, and remains subject to necessary regulatory approvals from the Securities and Exchange Commission of Pakistan (SECP) and the Pakistan Stock Exchange Limited.

The shareholders also authorized the Chief Executive Officer to undertake all necessary actions, execute relevant documentation, and make required statutory and regulatory filings to give effect to the resolution.

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