Karachi: Shareholders of OilBoy Energy Limited convened for an Extra Ordinary General Meeting on December 16, 2025, at the company’s registered office, where pivotal resolutions were approved concerning the utilization of funds raised through a previous right issue.

In line with Rule 5.6.9(b) of the Rule Book of Pakistan Stock Exchange Limited, the shareholders ratified the reallocation of funds initially earmarked for the “Bio-Oil from Pyrolysis- Waste to Energy through Fast Pyrolysis” project. The 100% right issue involved 25,000,000 ordinary shares valued at Rs. 10 each, totaling Rs. 250.00 million. The funds have been redirected to support the expansion of the company’s trading business in coal, LPG, and allied fuel products, enhance storage, logistics, and supply chain infrastructure, and strengthen the working capital base and related operating assets of the company.

According to information available from the Pakistan Stock Exchange (PSX), the resolutions were passed in compliance with Section 134(3) of the Companies Act, 2017, and relevant regulations under the Companies (Further Issue of Shares) Regulations, 2020. The resolutions await necessary approvals from the Securities and Exchange Commission of Pakistan (SECP) and the PSX.

The meeting concluded with the authorization of the Chief Executive Officer to undertake all necessary actions, including executing relevant documents and making statutory and regulatory filings to implement the approved resolutions. The TRE Certificate holders of the exchange have been informed accordingly.