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

Oilboy Energy Limited, a Pakistan-based energy company, intends to raise Rs1 billion through a rights issue to fund the establishment of a nationwide network of 70 electric-vehicle (EV) fast-charging stations. The firm, formerly known as Drekkar Kingsway Limited, will offer 100 million ordinary shares at Rs10 each to raise the funds.

The project aims to diversify Oilboy's energy business from trading commodities into the retail supply of electricity as a transport fuel, said the company's documents. It also intends to create a recurring, PKR-denominated, high-margin revenue stream and reduce its reliance on commodity trading margins. The proceeds from the rights issue will be used to establish and commission the charging network, while an additional Rs25.42 million will be contributed by the company from internal cash flows.

Each charging station will cost around Rs14.65 million and will include a dual-nozzle 120kW–240kW DC fast charger. This type of charger can service two vehicles simultaneously, replenishing a 40 kWh battery in 15 to 20 minutes. The project is expected to be operational by the first quarter of 2027, according to Oilboy.

Oilboy Energy Limited, which was incorporated in Pakistan on June 28, 1993, and converted into a public limited company on June 29, 1994, initially focused on manufacturing various products. However, in 1996, the company divested its plant and machinery and began investing in undervalued, profitable equities. The EV charging infrastructure project represents a new line of business for the company, as it has no prior experience in owning or operating electric vehicle charging infrastructure.

It is therefore a greenfield undertaking rather than an expansion of an existing operation, as stated in the company's documents.