LSE SPAC-II Limited (PSX) has recommended a proposed investment of approximately Rs180 million in M.P. Industries Limited (MPIL), with the company’s Board of Directors approving the proposed subscription of 269,000 ordinary shares in MPIL at a price of Rs669.14 per share. If completed, the transaction would result in LSE SPAC-II holding approximately 15% of the post-issue paid-up share capital of M.P. Industries. The proposed investment represents a significant corporate action for SPAC2 and remains subject to the required regulatory and shareholder approvals before it can be completed.
The decision was taken during a meeting of the Board of Directors held on Monday, August 17, 2026, at the company’s registered office as well as through a Zoom video link. The Board considered due diligence findings and other relevant information relating to M.P. Industries before recommending the proposed investment. The assessment of the available information formed part of the Board’s consideration of the proposed subscription and the resulting shareholding position that SPAC2 would acquire in MPIL following the issue of the new shares.
Under the proposed transaction, LSE SPAC-II would subscribe to 269,000 ordinary shares of M.P. Industries at Rs669.14 per share. Based on the proposed subscription price and number of shares, the investment is valued at approximately Rs180 million. Following the issuance, SPAC2 is expected to hold around 15% of MPIL’s post-issue paid-up share capital. The proposed structure would therefore give LSE SPAC-II a notable equity position in M.P. Industries, subject to the completion of all required steps under the applicable regulations and corporate procedures.
The Board’s recommendation does not constitute final approval of the transaction. The proposed investment is subject to approval by the shareholders of LSE SPAC-II through a special resolution. The transaction will also require subsequent corporate actions in accordance with the applicable SPAC regulations. This means the proposed subscription will proceed only after the necessary shareholder approval and completion of the relevant regulatory and corporate requirements.
To obtain the required shareholder approval, the Board has convened an Annual General Meeting of LSE SPAC-II Limited for Saturday, September 19, 2026, at 9:30 a.m. The meeting will be held at the company’s registered office located at The Exchange Hub, LSE Plaza, 19-Kashmir Egerton Road, Lahore. Shareholders will be asked to consider and approve the proposed investment in M.P. Industries along with related matters during the meeting.
The company has stated that the Notice of the Annual General Meeting, together with the Statement of Material Facts and the Information Circular required under Section 12(g) of the Public Offering Regulations, 2017, will be circulated and filed in due course. These documents are expected to provide shareholders with the relevant information concerning the proposed investment and the matters to be considered at the AGM. Shareholders will consequently have the opportunity to review the transaction before voting on the special resolution.
The proposed investment was disclosed to the Pakistan Stock Exchange through a notification to the Exchange. The information was disseminated in accordance with the applicable disclosure requirements, providing details of the Board’s recommendation, the proposed share subscription, the investment amount and the expected shareholding in M.P. Industries. The notification forms part of the company’s corporate disclosure regarding the proposed transaction.
The proposed Rs180 million investment marks a significant step for LSE SPAC-II as it considers deploying funds through an equity subscription in M.P. Industries. However, the transaction remains conditional at this stage, with shareholder approval and subsequent corporate and regulatory actions still required. The final completion of the investment will therefore depend on the outcome of the special resolution at the September 19 AGM and the fulfilment of the applicable SPAC regulations and other corporate requirements.
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