OilBoy Energy Limited (PSX:OBOY) has approved the change in the purpose of utilization of funds raised through the right Issue amounting to Rs. 250,000,000.

The funds were originally intended for the project titled “Bio-Oil from Pyrolysis–
Waste to Energy through Fast Pyrolysis”

The funds have have since been utilized for the following
purposes: –
1- Expansion of the Company’s existing trading business involving coal, LPG, and allied fuel products.
2- Enhancement of storage, logistics, and supply chain infrastructure.
3- Strengthening of the working capital base and related operating assets of the Company.

Oilboy had previously raised funds through 100% Right Issue of 25,000,000 ordinary shares of Rs. 10/- each, aggregating Rs. 250,000,000.