Shareholders of LSE SPAC-II Limited have approved an investment in M.P. Industries Limited that will result in LSE SPAC-II holding a 15% stake in the company’s post-issuance paid-up share capital. The approval was granted through a special resolution at the company’s Annual General Meeting held on September 19, 2026, according to a notice submitted to the Pakistan Stock Exchange.
Under the approved resolution, LSE SPAC-II will subscribe to ordinary shares of M.P. Industries in a quantity sufficient to give it a 15% holding following the issuance of the shares. The investment will be executed according to the terms and conditions approved by the Board of Directors of LSE SPAC-II, with the transaction remaining subject to the required regulatory and other approvals.
The proposed investment will require approvals, consents and permissions from the Securities and Exchange Commission of Pakistan (SECP), as well as any other relevant regulatory, judicial or statutory authorities. This condition means the shareholder approval provides authorization for the proposed investment but does not by itself complete the transaction, which remains dependent on the necessary clearances from the relevant authorities.
LSE SPAC-II shareholders also authorised the company’s Chief Executive Officer to negotiate, finalise and execute the agreements, contracts and other documents required to implement the approved investment. The CEO has also been authorised to make modifications or changes that may be required by the SECP, Registrar of Companies, Pakistan Stock Exchange, Lahore High Court or any other competent authority.
The authority granted to the CEO includes making changes required during the regulatory or documentation process, provided that such changes do not alter the substance or intent of the resolution approved by shareholders. This provides the company with the ability to complete the required documentation and address regulatory requirements while keeping the central terms of the approved investment unchanged.
Separately, shareholders approved the election of seven directors for a three-year term covering the 2026 to 2029 period. The directors eligible for re-election included Syed Haider Mujtaba and Arooj Tariq, who were classified as independent directors, along with Syeda Noor ul Ain Ali, Qurat ul Ain Ali, Aoun Muhammad, Zia Ullah and Iqrar Shabbir, who were classified as non-executive directors.
The Annual General Meeting also approved LSE SPAC-II’s audited financial statements for the financial year ended June 30, 2026. The approval covered the company’s annual financial reporting for the completed financial year and formed part of the routine resolutions considered by shareholders at the meeting.
Shareholders further approved the appointment of Ilyas Saeed & Co. as the company’s external auditors for the financial year ending June 30, 2027. The auditors will receive remuneration at the same level as the remuneration approved for the previous auditors. With the investment resolution, board elections, financial statements and auditor appointment all approved, the AGM cleared the key matters placed before shareholders while the proposed M.P. Industries investment remains subject to the required regulatory process.
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