The Pakistan Stock Exchange has suspended trading in the shares of LSE SPAC-I Limited from Tuesday, October 20, 2026, marking a decisive step in the merger of the special purpose acquisition company with solar energy firm Ningbo Green Light Energy Limited (NGLE). The move paves the way for what would be Pakistan’s first-ever listing achieved through the SPAC route, with NGLE tentatively scheduled to begin trading on October 26, subject to regulatory approvals.
Under the court-approved scheme of arrangement, LSE SPAC-I shareholders will receive 1.5 NGLE shares for every share held in the company. The Lahore High Court sanctioned the merger on September 30, 2026, under Sections 279 to 283 of the Companies Act, 2017, according to a notice submitted to the PSX on October 13.
What the Trading Suspension Means for SPAC-I Shareholders
The PSX said in its notice that trading in LSE SPAC-I shares would be suspended “for entitlement of shares of Ningbo Green Light Energy Limited (NGLE) pursuant to amalgamation of LSE SPAC-I Limited with and into Ningbo Green Light Energy Limited.” The exchange confirmed that October 20 serves as both the entitlement date and the final day of trading in SPAC-I shares.
Shareholders on record at the close of business on October 20 will be eligible to receive NGLE shares under the sanctioned scheme. The company’s share transfer books will remain closed from October 21 to October 22, 2026, both days inclusive, while the formal delisting of LSE SPAC-I from the exchange will follow with a separate notice once all applicable requirements are completed.
How the NGLE Share Exchange Ratio Works
The approved exchange ratio allocates 39,000,003 NGLE shares to LSE SPAC-I shareholders, comprising 3,530,000 distribution shares and 35,470,003 additional shares. Per 1,000 SPAC-I shares held, investors will receive 1,500 NGLE shares, subject to rounding adjustments.
Existing NGLE shareholders hold an aggregate entitlement of 165,852,744 shares, bringing the company’s total post-merger issued share capital to 204,852,747 ordinary shares. Before the merger, NGLE chief executive Muhammad Qasim held a 79.66 per cent stake in the company, while Ningbo Green Light Energy Group Co. Limited owned the remaining 20.34 per cent, according to the information memorandum cited in Profit by Pakistan Today.
NGLE’s Proposed October 26 Listing and Market Debut
NGLE will trade under the symbol NGLE, with its opening price determined by the closing price of LSE SPAC-I shares on the entitlement date of October 20. The tentative listing date of October 26 remains subject to the required regulatory approvals from the SECP, PSX and CDC, along with the increase in the company’s authorised share capital.
LSE SPAC-I was established as a special purpose acquisition company to raise capital through a public offering and subsequently acquire or merge with an operating business. The proposed merger completes that acquisition process, with NGLE continuing as the surviving entity. SPAC-I’s net assets and liabilities will vest in NGLE, and SPAC-I will be dissolved without winding up once the scheme’s actions are completed, Mettis Global reported.
What Investors Should Know About the Solar Company
The merger will increase NGLE’s authorised share capital to Rs2.1 billion, divided into 210 million ordinary shares with a face value of Rs10 each. The information memorandum identified dependence on imported solar equipment, foreign exchange fluctuations, working capital requirements and changes in solar energy regulations as key business risks for the company.
Profit after tax at NGLE declined approximately 25 per cent to Rs144.02 million from Rs191.97 million, while the company’s net worth increased to Rs1.81 billion from Rs1.43 billion and total borrowings declined approximately 60.6 per cent to Rs67.84 million. The listing would give investors a new listed vehicle in Pakistan’s solar energy space at a time when the country is scrambling for alternative energy sources amid global fuel volatility.
Why the SPAC-I NGLE Merger Matters for the PSX
If NGLE’s listing goes through as planned, it would represent Pakistan’s first listing achieved via the SPAC route — a milestone for the PSX’s efforts to modernise capital formation. Special purpose acquisition companies allow firms to list more quickly than through a conventional IPO, though Pakistan’s SPAC framework has seen limited use since its introduction.
For existing SPAC-I shareholders, the key dates to watch are October 20 (last trading day and entitlement date), October 21–22 (book closure), and October 26 (tentative NGLE listing). The exchange said a separate notice on the delisting of LSE SPAC-I would be issued in due course.
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