Commerce Desk
Karachi :: Pakistan Stock Exchange (PSX) hosted a Gong Ceremony to celebrate the listing of Ningbo Green Light Energy Limited (NGLEL) on the Main Board of the Exchange, following the successful completion of Pakistan’s first-ever Special Purpose Acquisition Company (SPAC) transaction.
The listing represents a significant milestone in Pakistan’s capital market, demonstrating how the SPAC framework can provide an alternative route for promising businesses to access public capital markets. 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. 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, specializing in solar engineering, procurement and construction (EPC), system integration and operations and maintenance services.
Mr. Ahmed Chinoy, H.I.S.I., Director of PSX, stated: “Today’s Gong Ceremony marks 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.
The listing is significant not only because it establishes a precedent for future SPAC-led transactions, but also because it supports Pakistan’s transition towards renewable energy and further strengthens economic cooperation between Pakistan and China”.
Speaking on the occasion, Muhammad Qasim, Chief Executive Officer of Ningbo Green Light Energy Limited, said, “For us, this listing is much more than a financial milestone. We have spent years building our capabilities, delivering projects and establishing our presence in Pakistan’s solar energy market. Becoming a publicly listed company gives us a stronger platform to pursue larger opportunities, expand our operations and build lasting value for our shareholders. We are particularly proud to be part of a transaction that has also opened a new chapter for Pakistan’s capital market.”
Cheng Quan, Director Technology of Ningbo Green Light Energy Limited, highlighted the company’s technical capabilities and future ambitions. “Pakistan has enormous potential for solar energy, but unlocking that potential requires more than technology alone. It requires engineering expertise, reliable execution and solutions designed for local conditions. Our focus is to combine international technical experience with a strong local presence, enabling us to deliver efficient, dependable and increasingly sophisticated 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 an important validation of the model. “When we first introduced the idea of SPACs in Pakistan, the objective was to create 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. The journey from introducing a new capital market structure to successfully executing its first business combination has required considerable regulatory engagement, innovation and persistence. 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.”
The successful completion of Pakistan’s first SPAC transaction represents an important milestone for the country’s capital market and opens a new avenue for companies seeking access to public capital. It also highlights the growing role of renewable energy businesses in Pakistan’s economic development and reinforces PSX’s commitment to facilitating innovation, supporting growth companies and broadening investment opportunities.
