KARACHI: Oilboy Energy Limited (OBOY) plans to raise Rs1 billion through a rights issue to finance the development of a nationwide network of 70 electric-vehicle (EV) fast-charging stations.
According to documents submitted to the Pakistan Stock Exchange (PSX), the company, formerly known as Drekkar Kingsway Limited, will issue 100 million ordinary shares at Rs10 each.
Oilboy said the project marks a diversification of its energy business—from trading coal, LPG, petrochemicals and allied fuel products to the retail supply of electricity as a transport fuel.
The company said the initiative is aimed at creating a recurring, PKR-denominated and high-margin revenue stream, reducing its reliance on commodity trading margins and establishing an early large-scale presence in Pakistan’s emerging EV charging market.
Around Rs1 billion from the rights issue proceeds will be utilised to establish and commission the charging network, while the company will contribute an additional Rs25.42 million from internal cash flows.
Each charging site is estimated to cost around Rs14.65 million and will feature a dual-nozzle 120kW–240kW DC fast charger capable of charging two vehicles simultaneously. A typical 40kWh top-up is expected to take approximately 15–20 minutes.
“The project is expected to come online by the 1st quarter of 2027,” the company said.
Oilboy acknowledged that the project represents an entirely new business line for the company, which has no prior operating experience in owning or operating EV charging infrastructure. It therefore described the initiative as a greenfield project rather than an expansion of an existing operation.
The company said the rollout would require the concurrent acquisition, permitting, energisation and commissioning of 70 sites across multiple cities and inter-city corridors. Each location will depend on land availability, distribution company load sanctions, transformer and panel installation, civil works and equipment imports.
The EV charging sector in Pakistan has also attracted government and private-sector investment in recent years. Earlier in March, the Sindh government approved a public-private partnership with China’s ADM Group and Malik Group of Companies to establish an EV charging network across the province.
Oilboy Energy Limited was incorporated as a private limited company in Pakistan on June 28, 1993, and was subsequently converted into a public limited company on June 29, 1994.
The company initially operated in the manufacturing of electrical appliances, cosmetics, toiletries, leather goods, machinery, components and parts. In 1996, it sold its plant and machinery and subsequently shifted its focus towards equity investments in undervalued and profitable opportunities.
