Pakistan’s first SPAC transaction brings Ningbo Green Light Energy to PSX

The Pakistan Stock Exchange (PSX) has welcomed Ningbo Green Light Energy Limited (NGLEL) to its Main Board, marking the successful completion of Pakistan’s first-ever Special Purpose Acquisition Company (SPAC) transaction.

The listing is a milestone for Pakistan’s capital market, demonstrating how the SPAC framework can offer businesses an alternative route to access public markets.

NGLEL was originally identified as the target company of LSE SPAC-I Limited. It completed the business combination through a Scheme of Arrangement sanctioned by the Lahore High Court on September 30, 2026. The transaction, structured and facilitated by LSE Capital, resulted in 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.

Speaking at a gong ceremony hosted by the PSX to mark the listing, PSX Director Ahmed Chinoy said the transaction marked a landmark achievement for the country’s capital market.

He said NGLEL’s admission to the Main Board showed how innovative capital market structures could create opportunities for growth-oriented companies to raise public capital and expand their businesses.

Chinoy added that the listing could establish a precedent for future SPAC transactions while supporting Pakistan’s transition towards renewable energy and strengthening economic cooperation between Pakistan and China.

NGLEL Chief Executive Officer Muhammad Qasim said the listing would give the company a stronger platform to pursue larger opportunities, expand operations and build shareholder value.

He said the company had spent years developing its capabilities, delivering projects and establishing its presence in Pakistan’s solar energy market.

NGLEL Director Technology Cheng Quan 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 reliable solar energy solutions across the country.

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

He said the objective behind introducing SPACs was to create a credible and efficient route for businesses to enter the public market while expanding investment opportunities.

Chaudhry said completing the first business combination had required regulatory engagement, innovation and persistence, adding that the transaction established a practical precedent for future SPAC deals.

The completion of Pakistan’s first SPAC transaction opens another avenue for companies seeking access to public capital. It also highlights the role of renewable energy businesses in the country’s economic development and the PSX’s efforts to broaden investment opportunities.