Pakistan’s first SPAC transaction completes with listing of Ningbo Green Light Energy on PSX

KARACHI, Nov 03 (APP):Pakistan’s first-ever Special Purpose Acquisition Company (SPAC) transaction completed successfully as Ningbo Green Light Energy Limited (NGLEL) achieved the listing on the main board of Pakistan Stock Exchange.

Pakistan Stock Exchange (PSX), on Tuesday, hosted a Gong Ceremony to celebrate the listing of NGLEL operating in the renewable energy sector, specializing in solar engineering, procurement and construction (EPC), system integration and operations and maintenance services, said a statement issued here.

Originally identified as the target company of LSE SPAC-I Limited, NGLEL successfully completed its business combination through a Scheme of Arrangement sanctioned by the Lahore High Court on September 30, 2026, it stated, adding that the transaction resulted in the merger of LSE SPAC-I into NGLEL, paving the way for the solar energy company to become publicly listed.

Director of PSX Ahmed Chinoy, speaking at the occasion, said that the ceremony marked a landmark achievement for Pakistan’s capital market with the successful completion of the country’s first SPAC transaction.

“NGLEL’s admission to the Main Board demonstrates how innovative capital market structures can create new opportunities for growth-oriented companies to access public capital and expand their businesses,” he stated and added that the listing supports Pakistan’s transition towards renewable energy and further strengthens economic cooperation between Pakistan and China.

Chief Executive Officer NGLEL, Muhammad Qasim, termed the listing as a significant financial milestone after spending years building our capabilities, delivering projects and establishing our presence in Pakistan’s solar energy market. The achievement will help the company to pursue larger opportunities, expand operations and build lasting value for shareholders, he added.

Director Technology NGLEL, Cheng Quan, highlighted the company’s technical capabilities and future ambitions and stated that the company was focused on combining international technical experience with a strong local presence, to deliver efficient, dependable and increasingly sophisticated solar energy solutions across the country.

Aftab Ahmad Chaudhry, Chief Executive Officer of LSE Capital, stated that the idea of SPACs was introduced in Pakistan with an objective of creating a credible, efficient pathway for businesses to enter the public market while broadening the investment opportunities available to investors.

“Today, we are seeing that vision translate into a completed transaction. This achievement establishes a practical precedent for future SPAC transactions and demonstrates what can be accomplished when financial innovation is backed by sound governance and disciplined execution,” he said.