February 09, 2022 (MLN): The board of directors of Oilboy Energy Limited (OBOY), in its meeting held on February 09, 2022, has decided and approved to resume the operating/trading activities of “Energy Products” mainly coal from February 10, 2022, the company informed through a notice to PSX today.
The company has already completed the initial necessary tasks that include sales tax registration, operating of bank accounts and registration on PSW to effectuate the trading activities.
With this resumption of trading activities, the company will rectify the defaulter reasons (under Regulation 5.11.1 (b) and (i)) in the process to arrange the updated “auditors’ opinion” in this regard.
It is prudent to highlight that Modaraba Al-Mali (MODAM) is targeting to complete the revival of Oilboy Energy Limited (formerly Drekkar Kingsway Limited) by the end of April 30, 2022, under the “Revival Business Plan” wherein the financial impact of this transaction will be around Rs100 million.
