Pakistan’s first SPAC transaction: Ningbo Green Light Energy lists on PSX

KARACHI: Ningbo Green Light Energy Limited (NGLEL) has been listed on the Main Board of Pakistan Stock Exchange (PSX) following the successful completion of Pakistan’s first-ever Special Purpose Acquisition Company (SPAC) transaction.

PSX marked the listing with a Gong Ceremony, describing the transaction as a milestone for the country’s capital market and an alternative route for growth-oriented businesses to access public capital.

NGLEL was originally identified as the target company of LSE SPAC-I Limited. The business combination was completed through a Scheme of Arrangement sanctioned by the Lahore High Court on September 30, 2026. Structured and facilitated by LSE Capital, the transaction involved the merger of LSE SPAC-I into NGLEL, paving the way for the solar energy company to become publicly listed.

NGLEL operates in the renewable energy sector, specialising in solar engineering, procurement and construction (EPC), system integration, and operations and maintenance services.

Ahmed Chinoy, Director of PSX, said the listing demonstrated how innovative capital market structures could create opportunities for growth-oriented companies to access public capital and expand their businesses. He said the transaction established a precedent for future SPAC-led listings while supporting Pakistan’s transition towards renewable energy and strengthening economic cooperation between Pakistan and China.

Muhammad Qasim, Chief Executive Officer of NGLEL, said the listing provided the company with a stronger platform to pursue larger opportunities, expand its operations and build long-term value for shareholders. He said the company had spent years developing its capabilities, delivering projects and establishing its presence in Pakistan’s solar energy market.

Cheng Quan, Director Technology at NGLEL, said Pakistan had significant solar energy potential, but realising it required engineering expertise, reliable execution and solutions suited to local conditions. He said the company aimed to combine international technical experience with a strong local presence to deliver efficient and dependable solar energy solutions across the country.

Aftab Ahmad Chaudhry, Chief Executive Officer of LSE Capital, who spearheaded the introduction of the SPAC concept in Pakistan and advised on the transaction, described the listing as validation of the model.

Chaudhry said the objective behind introducing SPACs was to create a credible and efficient pathway for businesses to enter the public market while broadening investment opportunities. He said completing the first business combination required regulatory engagement, innovation and persistence, adding that the transaction established a practical precedent for future SPAC deals and demonstrated the importance of sound governance and disciplined execution.

The completion of Pakistan’s first SPAC transaction opens an alternative avenue for companies seeking access to public capital. PSX said the development also highlighted the role of renewable energy businesses in the country’s economic development and its commitment to facilitating innovation, supporting growth companies and broadening investment opportunities.

Copyright Business Recorder, 2026