Oilboy Energy redirects Rs250mn funds to expand trading operations

Oilboy Energy Limited, formerly Drekkar Kingsway Limited, has decided to redirect the funds raised through its Rs250 million right issue towards expanding its trading and logistics operations, marking a shift from its earlier plan to invest in a bio-oil project. The listed company disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Tuesday. The company had raised Rs250 million through the issuance of 25 million ordinary shares at Rs10 each, originally meant to finance its “Bio-Oil from Pyrolysis – Waste to Energy through Fast Pyrolysis” project. “The proposed plant is based on fast pyrolysis is a waste-to-energy process that quickly heats organic waste without oxygen, producing bio-oil, syngas, and char for energy and other uses,” the company said back then.