Oilboy plans 70 EV fast-charging stations across Pakistan with Rs1bn rights issue

Oilboy Energy Limited (OBOY), a Pakistan-based energy company, plans to raise Rs1 billion through a rights issue to finance the rollout of a nationwide network of 70 electric-vehicle (EV) fast-charging stations. According to documents made available to the Pakistan Stock Exchange (PSX), the company, formerly known as Drekkar Kingsway Limited, will issue 100 million ordinary shares at Rs10 each. “The project constitutes a diversification of the company’s energy business from the trading of coal, LPG, petrochemicals and allied fuel products into the retail supply of electricity as a transport fuel,” OBOY said in its documents. Sindh to establish EV charging networks across province It added that the initiative is intended to establish a recurring, PKR-denominated, high-margin revenue stream, reduce its dependence on commodity trading margins, and to position the company as an early-scale charge point operator ahead of the projected expansion of Pakistan’s electric vehicle fleet. About Rs1 billion of the proceeds will be used to establish and commission the charging network, while the company will contribute a further Rs25.42 million from internal cash flows. Each site will cost about