KARACHI: Ningbo Green Light Energy Limited (NGLEL), a solar energy solutions provider, has been listed on the main board of the Pakistan Stock Exchange (PSX), marking the successful completion of Pakistan’s first-ever Special Purpose Acquisition Company (SPAC) transaction.
Thank you for reading this post, don't forget to subscribe!The PSX organised a gong ceremony on Tuesday to celebrate the company’s listing, which represents a significant development for Pakistan’s capital market and opens new avenues for businesses seeking alternative routes to raise investment and access the stock exchange.
NGLEL operates in solar engineering, procurement and construction (EPC), system integration, and operations and maintenance, providing a range of solutions for the renewable energy sector.
The transaction involved LSE SPAC-I Limited, a listed investment vehicle established specifically to acquire or merge with an existing business. The merger was completed through a scheme of arrangement sanctioned by the Lahore High Court on September 30, under which LSE SPAC-I was merged into Ningbo Green Light Energy Limited.
Speaking at the ceremony, PSX Director Ahmed Chinoy said the successful listing could establish a precedent for similar transactions in Pakistan, encourage investment in renewable energy and strengthen economic cooperation between Pakistan and China.
NGLEL Chief Executive Muhammad Qasim said the listing would enhance the company’s ability to undertake larger projects, expand its operations and pursue new business opportunities in Pakistan’s growing solar energy market.
Director Technology Cheng Quan said the company aimed to combine international technical expertise with a strong local presence to deliver solar energy solutions across Pakistan.
LSE Capital Chief Executive Aftab Ahmad Chaudhry, who introduced the SPAC model in Pakistan and advised on the transaction, described the listing as an important milestone for the country’s capital market.
He said the successful completion of the transaction demonstrated the potential of the SPAC structure in Pakistan when supported by sound corporate governance, regulatory compliance and careful execution.
The landmark listing is expected to broaden financing opportunities for businesses, promote capital market innovation and support investment in Pakistan’s renewable energy sector.
