Pakistan’s first Special Purpose Acquisition Company (SPAC) transaction has been completed, with Ningbo Green Light Energy Limited joining the Pakistan Stock Exchange (PSX) Main Board following a merger with LSE SPAC-I Limited.
The business combination was completed through a Scheme of Arrangement sanctioned by the Lahore High Court on September 30, 2026.
The listing marks the completion of Pakistan’s first SPAC transaction, introducing an alternative route for businesses to enter the country’s public capital market.
The listed company operates in the renewable energy sector, providing solar engineering, procurement and construction services, system integration, and operations and maintenance.
PSX Director Ahmed Chinoy described the transaction as a milestone for Pakistan’s capital market, saying it could establish a precedent for future SPAC deals, expand access to public financing and support renewable energy development and Pakistan-China economic ties.
Ningbo Green Light Energy CEO Muhammad Qasim said the listing would provide the company with a platform to pursue expansion, while Technology Director Cheng Quan emphasized the importance of combining international expertise with local engineering capabilities.
LSE Capital CEO Aftab Ahmad Chaudhry said the completed transaction validated the SPAC model in Pakistan, highlighting its potential to offer businesses an alternative route to public markets.
What SPAC Deal Means for the PSX
A Special Purpose Acquisition Company (SPAC) is a publicly listed company formed to raise money through an IPO and use the proceeds to acquire or merge with a private business, which then becomes publicly traded.
Unlike a conventional IPO, where an operating company lists its shares directly, a SPAC first raises funds as a shell company and identifies its acquisition target later.
In Pakistan, the SECP introduced a SPAC framework in 2021, requiring safeguards such as placing at least 90 percent of IPO proceeds in escrow, shareholder approval for a merger and redemption rights for investors who oppose a proposed deal.
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