Karachi: Oil Boy Energy Limited has announced a strategic plan to establish a network of seventy DC fast-charging sites for electric vehicles across major cities and highways in Pakistan. The rights issue is primarily aimed at funding this project, which is set to commence commercial operations by the first quarter of 2027. This ambitious initiative will be financed through the proceeds from the rights issue and the company's internal cash flows.
According to the company's report dated September 2, 2026, each DC fast-charging site will feature a dual-nozzle charger with a nominal rating between 120kW and 240kW, capable of charging two vehicles simultaneously with a typical 40 kWh top-up in fifteen to twenty minutes. The total project cost is estimated at 1.03 billion PKR, with the majority, 97.52%, funded through the rights proceeds, and the remaining 2.48% from the company's internal cash flows. The equipment cost alone per site is calculated at approximately 7.50 million PKR, encompassing the landed cost of chargers, port clearance, and agent fees.
The breakdown of costs reveals that 51.19% of the total project cost is allocated to equipment, while civil work and installation costs account for 43.35%. Marketing, licenses, and legal costs make up the remaining 5.46%. Civil work includes electrical panel and transformer upgrades, foundation and flooring, and installation of high-amperage wiring, among other necessary infrastructure components.
According to information available from the Pakistan Stock Exchange (PSX), the company's paid-up capital will see a significant increase, rising from 500 million PKR to 1.50 billion PKR, marking a 200% change. The number of shares will similarly increase, reflecting the company's robust financial strategy to support this major expansion.
The project's implementation timeline indicates that orders for DC fast chargers and other equipment from HICI Digital Power Technology Co. Ltd. in China are expected by October 2026, with targeted completion by December 2026. Civil works and high-amperage cabling are also scheduled to conclude by the same period.
The rights issue has garnered commitments from substantial shareholders, including Director Farhan Abbas Sheikh, who has committed to subscribing to 25 million shares, amounting to 250 million PKR. The issuance is underwritten by Dawood Equities Limited for an amount of 750 million PKR.
Oil Boy Energy Limited's financial results show a turnaround in the fiscal year ending March 2026, with a profit after tax of 25.99 million PKR, compared to a loss in previous years. Total assets increased substantially to 369.15 million PKR, while liabilities remain relatively low at 82.84 million PKR, reflecting a solid financial base for the upcoming venture.
The company's market activity over the past six months has seen an average share price of 11.73 PKR, indicative of investor confidence in its expansion plans. With no current production capacity or market share data available, the focus remains on the successful deployment of the electric vehicle charging infrastructure.
This initiative by Oil Boy Energy Limited underscores the growing momentum in Pakistan's transition towards sustainable energy solutions for transportation, aligning with global trends in electric vehicle adoption.