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

Pakistan Stock Exchange (PSX) held a Gong Ceremony to celebrate the listing of Ningbo Green Light Energy Limited (NGLEL) on its Main Board. The listing follows the successful completion of Pakistan’s first Special Purpose Acquisition Company (SPAC) transaction.

The development marks a milestone for Pakistan’s capital market. It also demonstrates how the SPAC framework can offer businesses an alternative route to enter the public market and raise capital.

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

LSE Capital structured and facilitated the transaction. Under the arrangement, LSE SPAC-I merged into NGLEL, enabling the solar energy company to secure its public listing.

NGLEL operates in Pakistan’s renewable energy sector. Its services include solar engineering, procurement and construction (EPC), system integration, operations and maintenance.

PSX Highlights Milestone for Capital Market

Ahmed Chinoy, H.I.S.I., Director of PSX, described the listing as a landmark achievement for Pakistan’s capital market.

He said the transaction demonstrated how innovative financial structures could help growth-oriented businesses access public capital and expand their operations.

Chinoy added that the listing established a precedent for future SPAC transactions. He also highlighted its relevance to Pakistan’s renewable energy transition and economic cooperation between Pakistan and China.

NGLEL Seeks Growth Through Public Listing

Muhammad Qasim, Chief Executive Officer of NGLEL, said the listing represented more than a financial milestone for the company.

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

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According to Qasim, the public listing will provide a stronger platform to pursue larger projects, expand operations and create long-term shareholder value.

He also welcomed the company’s role in completing a transaction that introduces a new route to Pakistan’s capital market.

Company Highlights Solar Technology Capabilities

Cheng Quan, Director Technology at NGLEL, highlighted Pakistan’s potential for solar energy development.

He said the sector needs more than technology alone. It also requires engineering expertise, reliable project execution and solutions suited to local conditions.

Quan said the company aims to combine international technical experience with a strong local presence. This approach, he added, will support the delivery of efficient and reliable solar energy solutions across Pakistan.

LSE Capital Calls Transaction a Precedent for Future SPACs

Aftab Ahmad Chaudhry, Chief Executive Officer of LSE Capital, described the transaction as an important validation of the SPAC model in Pakistan.

He said LSE Capital introduced the concept to create an efficient route for businesses to enter public markets while expanding investment opportunities.

Chaudhry noted that completing the first business combination required regulatory engagement, financial innovation and sustained efforts.

He said the successful transaction established a practical precedent for future SPAC deals. It also demonstrated the importance of sound governance and disciplined execution.

New Avenue for Companies Seeking Public Capital

The completion of Pakistan’s first SPAC transaction introduces another potential route for companies seeking access to public investment.

The NGLEL listing also highlights the role of renewable energy businesses in Pakistan’s economic development.

PSX said the milestone reflects its commitment to supporting innovation, facilitating growth-oriented companies and broadening investment opportunities in the country’s capital market.