Karachi: Oilboy Energy Limited has announced a strategic shift in the utilization of its funds raised through a prior right issue, as disclosed in board resolutions passed on November 4, 2025. The decision was made in anticipation of the company's upcoming Annual General Meeting (AGM), where members will consider and approve the proposed changes.

On October 10, 2025, Oilboy Energy Limited had indicated its intention to allocate the funds, originally earmarked for the 'Bio-Oil from Pyrolysis - Waste to Energy through Fast Pyrolysis' project, to new purposes. The change in fund utilization involves the expansion of the company's existing trading business in coal, LPG, and allied fuel products. Furthermore, it includes the enhancement of storage, logistics, and supply chain infrastructure, as well as strengthening the working capital base and related operating assets.

According to information available from the Pakistan Stock Exchange (PSX), Oilboy's board also resolved to seek the necessary approvals from the Securities and Exchange Commission of Pakistan (SECP) and PSX. The Chief Executive Officer has been authorized to take all required actions, including the execution and submission of documents and regulatory filings, to implement these resolutions.

The right issue originally involved 25,000,000 ordinary shares at Rs. 10 each, equating to Rs. 250.00 million. This strategic redirection aims to bolster Oilboy Energy's market position by investing in more immediate operational areas, as opposed to the initially planned bio-oil project.

The resolutions also empower the Chief Executive Officer to finalize the notice of the AGM and the accompanying explanatory statement, ensuring all necessary actions are taken to convene the meeting. The company has advised the TRE Certificate Holders of the Exchange of these developments.