Oilboy expands operations with rights issue capital

November 25, 2025 (MLN): The Board of Directors of Oilboy Energy Limited (PSX: OBOY) approved resolutions through circulation to seek shareholder ratification for changes in the utilization of Rs 250 million raised through the company’s recent rights issue of 25m ordinary shares at Rs 10 per share.

The company disclosed the development in a notice to the Pakistan Stock Exchange.

The Board has approved placing a special resolution before shareholders at an upcoming Extra-Ordinary General Meeting (EOGM) to ratify the revised purpose of utilizing the funds.

According to the board resolution dated November 11, 2025, the funds have already been applied toward expansion of the company's ongoing business operations in three key areas:

The company has utilized the raised capital for the expansion of its trading business, focusing on coal, LPG, and allied fuel products.

Significant investments have also been made toward the enhancement of storage, logistics, and supply chain infrastructure.

Additionally, funds have been allocated for strengthening the working capital base and related operating assets. This ensures the company maintains sufficient liquidity to support its expanded business activities.

The Board has recommended a special resolution for approval by the members at the EOGM regarding changes in the utilization of funds raised through further share issuances.

The Chief Executive Officer (CEO) has been authorized to finalize, sign, and issue the notice of the EOGM along with the explanatory statement for the members.

The CEO will also take all necessary steps to convene the EOGM and ensure smooth conduct of the meeting.

Additionally, the CEO is authorized to complete all required corporate, legal, and regulatory formalities, including executing documents and making necessary filings with the Securities and Exchange Commission of Pakistan (SECP), Pakistan Stock Exchange (PSX), and other relevant authorities.

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