Ningbo Green Light Energy Lists on PSX After Pakistan’s First-Ever SPAC Transaction

The solar energy company joins the PSX Main Board following a business combination with LSE SPAC-I, opening a new route for companies to enter Pakistan’s public capital market.

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

PSX marked the listing with a Gong Ceremony, celebrating a milestone for the country’s capital market and the introduction of a new route for businesses to access public investment.

NGLEL was originally identified as the target company of LSE SPAC-I Limited. The two entities completed their business combination through a Scheme of Arrangement sanctioned by the Lahore High Court on September 30, 2026.

Under the transaction, LSE SPAC-I merged into NGLEL, allowing the solar energy company to become publicly listed. LSE Capital structured and facilitated the deal.

First SPAC Transaction Opens New Capital Market Route

The transaction establishes a precedent for future SPAC-led listings in Pakistan. A SPAC is a company formed to raise capital through a public listing and subsequently combine with an identified business, subject to regulatory and legal requirements.

PSX Director Ahmed Chinoy said the listing demonstrated how innovative capital market structures could help growth-oriented businesses access public capital and expand their operations.

He added that the transaction also supported Pakistan’s renewable energy ambitions and reflected growing economic cooperation between Pakistan and China.

NGLEL Plans to Expand Solar Energy Operations

Ningbo Green Light Energy operates in Pakistan’s renewable energy sector, providing solar engineering, procurement and construction (EPC), system integration, operations and maintenance services.

Chief Executive Officer Muhammad Qasim said the listing marked an important stage in the company’s development after years of building its capabilities and delivering projects in Pakistan’s solar market.

He said becoming a publicly listed company would provide NGLEL with a stronger platform to pursue larger opportunities, expand operations and create long-term shareholder value.

Cheng Quan, Director Technology at NGLEL, highlighted the importance of combining technical expertise with local market knowledge.

He said Pakistan’s solar potential required reliable project execution, engineering capabilities and solutions suited to local conditions. The company aims to combine international technical experience with its local presence to deliver solar energy solutions across the country.

LSE Capital Says Transaction Validates SPAC Model

LSE Capital CEO Aftab Ahmad Chaudhry, who led the introduction of the SPAC concept in Pakistan and advised on the transaction, described the listing as an important step for the country’s financial markets.

He said the objective behind introducing SPACs was to create another pathway for businesses to enter the public market while expanding investment opportunities.

Chaudhry added that completing the first transaction required regulatory engagement, financial innovation and sustained efforts. He said the successful business combination provides a practical precedent for future SPAC transactions.

New Opportunities for Pakistan’s Capital Market

The listing of NGLEL brings together two developments: a new capital market structure and the public-market entry of a renewable energy company.

The transaction could provide a reference point for other businesses considering alternative routes to raise public capital in Pakistan. It also adds a solar energy company to the PSX Main Board as the country continues to explore investment opportunities in renewable energy.