KARACHI: Drekkar Kingsway Limited’s (DKL) corporate status stands restored to implement the revival business plan approved by the company’s shareholders in their annual general meeting held on October 22, 2021

The Islamabad High Court on Wednesday December 8, has dismissed the winding up petition against the Drekkar Kingsway Limited (DKL), a bourse filing by DKL said on Thursday.

The company in its filing to the Pakistan Stock Exchange (PSX), with reference to the court’s orders of rectifying the reason to place it in the defaulter’s segment, suspension and de-listing, requested the PSX to remove the suspension of trading of DKL on the trading counter.

DKL apprised the PSX that the board of directors will increase in the company’s authorised capital to Rs1.60 billion, along with changing the name of the company to the proposed name of Oilboy Energy Limited to represent its revised or intended business activities, and to change in object clause of the Memorandum of Association of the company.

The board of directors of the company are in the process to restore the “Going concern assumption” and arrange the updated “auditors’ opinion” in this regard and to remove the other reason of the defaulters’ segment, it notified.

Drekkar Kingsway Limited was registered on June 28, 1993 as a Private Limited Company and was subsequently converted into Public Limited Company as on June 29, 1994.

The principal activity of the company was manufacturing of all types of electrical appliances, cosmetics, toiletries, leather goods, machinery, components and parts. In 1996 the company sold its plant and machinery. The company is currently engaged in making equity investments in undervalued profitable situations.

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