KARACHI — A listed Pakistani company is setting up a special-purpose acquisition company (SPAC) with a proposed capital of Rs 350 million to hunt for merger and acquisition opportunities in technology, artificial intelligence (AI) and digital connectivity, opening a new chapter for the country’s capital market.
Zuma Resources Limited disclosed the plan in a material information filing with the Pakistan Stock Exchange (PSX) on November 2, saying its board of directors had approved the proposal at a meeting held on October 30, 2026.
The proposed entity is tentatively named Zuma SPAC-I Limited and would seek a listing on the PSX, subject to applicable regulatory requirements and the necessary approvals, according to the disclosure reported by CW Pakistan.
Rs 350 Million Capital for Tech and AI Hunt
The Rs 350 million SPAC is designed as a cash shell: a listed vehicle created specifically to pursue a merger, acquisition or similar business combination within a defined set of high-growth sectors.
Zuma Resources said the company aims to pursue merger and acquisition opportunities in technology, artificial intelligence, digital connectivity and other eligible high-growth sectors. The disclosure outlines the proposed capital and the target sectors but does not identify any specific acquisition target.
The company has also not announced a definitive timeline for the establishment or listing of the SPAC. The proposal therefore remains at the planning stage, and its implementation depends on regulatory clearances and the completion of the required corporate and legal arrangements.
Zuma Resources said it would keep the exchange informed of material developments in accordance with applicable regulations, meaning further details are expected to be shared through the exchange as decisions are made.
Target Sectors: AI, Digital Connectivity and High-Growth
The choice of target sectors is significant. Pakistan’s technology sector is in a high-growth phase — the country’s IT industry has set a goal of tripling IT exports to $15 billion by FY2031, with industry delegations actively courting investment in Europe, while artificial intelligence startups are attracting increasing attention from local and foreign investors.
A SPAC listed on the PSX focused on AI and digital connectivity would give local investors a route to participate in the tech boom through the public market, rather than waiting for individual startups to list — if the SPAC finds a suitable acquisition target and secures regulatory approval.
SPACs have been used globally as an alternative listing route, allowing private companies to enter public markets by merging with an already-listed acquisition vehicle. Pakistan’s market has had limited SPAC activity so far, making Zuma SPAC-I one of the few vehicles of its kind targeting the local tech sector.
Free SPAC Shares for Existing Shareholders
As part of the initiative, Zuma Resources intends to provide shares in the proposed SPAC free of cost to its existing shareholders — a move the company describes as an effort to enhance shareholder value.
Eligible shareholders would receive the SPAC shares without making any subscription payment, on a proportionate basis according to their existing stake in Zuma Resources. The distribution would involve allocating or transferring a portion of Zuma Resources’ shareholding in the SPAC to its existing investors.
However, the free-share arrangement remains subject to several conditions, including the establishment and proposed listing of the SPAC, applicable sponsor shareholding and transfer restrictions, the necessary corporate and regulatory approvals, and the finalisation of a legally permissible distribution mechanism.
The company said the allocation ratio and the eligibility date would be finalised and announced at a later stage. Investors watching the space will need to wait for further filings on the PSX for the concrete terms.
Related: Pakistan’s digital banking push is also accelerating — Singapore’s HugoHub went live with HugoBank, the country’s first live digital-bank deployment — while Ignite’s NIC program won a global award in London the same week.
Related Posts
TechnologyPakistan’s Ignite NICs Win Global Award in London
TechnologyAI in Pakistan’s Courts: IT Minister Unveils Digital Transformation Plan for Judiciary
TechnologyHugoBank Goes Live in Pakistan: Singapore’s HugoHub Powers First Digital Bank Deployment
TechnologyJaecoo J5 EV Pakistan Price: First Locally Assembled Electric SUV to Be Revealed on 6 November
TechnologyNubia Neo 5 Max and Neo 5 Pro Go on Sale in Pakistan From Rs 99,999
Technology45 NUST Researchers Ranked Among World’s Top 2% Scientists in 2026 Stanford-Elsevier ListMost Popular
How-ToPTA Tax Calculator 2026: Check Mobile Tax on Any Phone381 views
SportsUEFA Champions League 2026-27: Format, Teams and Schedule368 views
Pakistan NewsPIA Boeing 787 Lease Deal: What It Means for the Airline361 views
Canada JobsTech Jobs in Canada: Roles, Salaries, and Skills Needed348 views
SportsBallon d’Or 2026: London Ceremony, Nominees and All-Time Records Ahead of 70th Anniversary334 views
ShowbizWomen’s Fashion in Pakistan 2026: Trends, Brands and Style Guide325 views
