The Lahore High Court has approved the merger of LSE SPAC-I Limited with Ningbo Green Light Energy Limited, clearing a major legal step toward the proposed listing of the solar energy company on the Pakistan Stock Exchange (PSX) on October 26, 2026. Following the court’s approval, Ningbo Green Light Energy is expected to become the surviving entity under the merger arrangement and trade on the stock exchange under the symbol NGLE, subject to completion of the remaining corporate procedures and regulatory approvals. The development was disclosed to the PSX on October 13, with the company confirming that the court sanctioned the Scheme of Arrangement on September 30 under Sections 279 to 283 of the Companies Act, 2017.
Under the approved scheme, LSE SPAC-I will merge into Ningbo Green Light Energy, transferring its net assets and liabilities to the solar energy business. Shareholders of LSE SPAC-I will receive shares in NGLE according to the approved exchange ratio of 1.5 NGLE shares for every share held in LSE SPAC-I, subject to rounding adjustments. The entitlement date has been fixed for October 20, which will also be the final trading day for LSE SPAC-I shares. The share transfer books are scheduled to remain closed on October 21 and October 22, while October 26 has been identified as the tentative listing date. The proposed schedule remains conditional on the required approvals and an increase in the authorised share capital of the merged company.
The merger will result in NGLE having 204,852,747 issued ordinary shares. Of this total, 39,000,003 shares will be allocated to LSE SPAC-I shareholders, comprising 3,530,000 distribution shares and 35,470,003 additional shares. Existing NGLE shareholders will collectively hold 165,852,744 shares after the transaction. The company’s authorised share capital will also increase to Rs2.1 billion, divided into 210 million ordinary shares with a face value of Rs10 each. The revised capital structure will incorporate NGLE’s existing authorised capital of Rs200 million, Rs300 million transferred from LSE SPAC-I and a further Rs1.6 billion in authorised capital. The opening trading price of NGLE shares will be determined by the closing price of LSE SPAC-I shares on October 20, according to the disclosure.
The information memorandum accompanying the merger estimates that approximately 40% of NGLE’s post-merger shares, equivalent to 81,941,099 ordinary shares, could be available as free float in the market. Sponsor holdings are estimated at around 60%, or approximately 122.91 million shares. The final free float will depend on verification under PSX requirements, including the treatment of shares that remain restricted, blocked or otherwise unavailable for public trading. The arrangement also requires at least 15% of NGLE’s issued shares, equivalent to a minimum of 30,727,913 shares, to remain blocked as sponsor holdings. The company stated that shares blocked in the name of LSE Capital Limited would be released following implementation of the scheme, while shares held by NGLE sponsor Muhammad Qasim would be offered for blocking to meet the applicable requirement.
The court’s judgment recorded shareholder approval of the merger, authorisation from the Competition Commission of Pakistan and no-objection certificates from Bank AL Habib Limited and Dubai Islamic Bank Pakistan Limited. These approvals remain subject to the preservation of existing financing arrangements and security interests. The proposed listing also requires completion of applicable procedures involving the Securities and Exchange Commission of Pakistan, the Pakistan Stock Exchange and the Central Depository Company. Once the merger is implemented, LSE SPAC-I is expected to be dissolved without winding up after the relevant shares are issued and its assets and liabilities are transferred. The company has also informed the exchange that its annual general meeting, previously scheduled for October 28, will not take place because LSE SPAC-I is expected to cease to exist before that date.
Ningbo Green Light Energy operates in Pakistan’s solar energy sector, providing solar system design, engineering, procurement, construction, installation, commissioning, grid integration and maintenance services. Incorporated in April 2018, the Lahore-based company was converted into a public limited company in December 2024. Its customer base spans residential, commercial, industrial, institutional and agricultural segments, with projects covering on-grid, off-grid and hybrid solar systems. According to its information memorandum, NGLE has completed solar power projects with combined installed capacity exceeding 300 megawatts since 2018. Its projects have served government organisations, industrial customers and military establishments. The company primarily works as a solar system integrator and engineering, procurement and construction contractor, sourcing photovoltaic modules, inverters and battery storage equipment from international manufacturers.
NGLE’s financial results show that revenue declined by 7.6% to Rs1.58 billion in the financial year 2026, compared with Rs1.71 billion in the previous financial year. Profit after tax decreased by approximately 25% to Rs144.02 million from Rs191.97 million, while earnings per share fell to Rs9.28 from Rs12.79. Despite the decline in revenue and profitability, the company’s net worth increased to Rs1.81 billion from Rs1.43 billion. Total borrowings also fell substantially, dropping to Rs67.84 million from Rs171.97 million, a reduction of approximately 60.6%. These figures provide investors with a picture of the company’s recent financial performance as it prepares for the proposed stock market listing.
The information memorandum identifies Muhammad Qasim as NGLE’s chief executive officer and principal individual shareholder, with a pre-merger stake of 79.66%. Ningbo Green Light Energy Group Co. Limited held the remaining 20.34% before the transaction, linking the Pakistani business with the Chinese solar equipment supply chain. The company has highlighted several risks that could affect its operations, including reliance on imported equipment, foreign exchange fluctuations, working-capital requirements and changes in solar energy regulations. Potential adjustments to net-metering policies, import duties and taxation could also influence demand, project economics and operating costs, while competition in Pakistan’s solar installation market may place pressure on margins.
LSE SPAC-I was established as a special purpose acquisition company designed to raise capital through a public offering and subsequently acquire or merge with an operating business. The approved transaction is intended to complete that process by integrating the acquisition vehicle with NGLE and positioning the solar energy company for a stock exchange listing. If the remaining requirements are met, investors will be able to trade NGLE shares under its proposed symbol on the PSX. The planned October 26 date is not yet unconditional, however, as the listing depends on completion of the corporate actions, the required capital increase and approvals from the relevant regulatory and market institutions.
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