Oil Boy Energy Limited—formerly known as Draccar Kingsway Limited—has decided to divert the Rs250 million raised through its rights issue from a planned bio-oil project to expanding its trading and logistics operations. The listed company disclosed this development to the Pakistan Stock Exchange on Tuesday.
The company had raised Rs250 million by issuing 25 million ordinary shares at Rs10 per share. These funds were originally earmarked for its project titled “Bio-Oil from Pyrolysis, Waste-to-Energy through Fast Pyrolysis.”
At the time, the company stated that the proposed plant would be based on a fast pyrolysis process, a waste-to-energy technology that rapidly heats organic waste in the absence of oxygen to produce bio-oil, syngas, and char—valuable for various energy and industrial uses.
However, in a recently approved shareholders’ resolution, Oil Boy Energy announced that the funds will now be utilized for three revised objectives:
- Expansion of its existing trading business involving coal, liquefied petroleum gas (LPG), and other fuel products.
- Upgradation of storage, logistics, and supply chain infrastructure.
- Strengthening of working capital and operating assets.
The company’s CEO has been authorized to take all necessary steps and submit regulatory filings required for implementing the revised plan.
Oil Boy Energy was incorporated on June 28, 1993, as a private limited company and was later converted into a public limited company on June 29, 1994.
Originally, the company’s primary activities included the manufacturing of electrical equipment, cosmetics, toiletries, leather goods, machinery, components, and spare parts. In 1996, the firm sold its plant and machinery. Today, it remains engaged in equity investments, focusing on low-cost but profitable investment opportunities.
