The Pakistan Stock Exchange (PSX) has announced the suspension of trading in LSE SPAC-I Limited shares with effect from October 20, 2026, as the company prepares to merge with Ningbo Green Light Energy Limited (NGLE). The move will facilitate the entitlement and allotment of shares to existing shareholders under the court-approved merger arrangement, ahead of NGLE’s proposed listing on the exchange on October 26. Under the approved exchange ratio, shareholders of LSE SPAC-I will receive 1.5 ordinary shares of Ningbo Green Light Energy for every share they hold in LSE SPAC-I. The proposed listing remains subject to completion of the required corporate actions and regulatory approvals.
In its notice, the PSX stated that trading would be suspended to facilitate the distribution of NGLE shares following the amalgamation of LSE SPAC-I into the solar energy company. The Lahore High Court sanctioned the Scheme of Arrangement on September 30, 2026, under Sections 279 to 283 of the Companies Act, 2017. The court-approved arrangement provides for NGLE to continue as the surviving entity, assuming the net assets and liabilities of LSE SPAC-I. Following completion of the merger and applicable requirements, LSE SPAC-I will be dissolved without winding up and delisted from the stock exchange. The PSX has indicated that a separate notice will be issued regarding the delisting process.
The exchange has also confirmed that the share transfer books of LSE SPAC-I will remain closed from October 21 to October 22. The suspension follows an earlier announcement by LSE SPAC-I identifying October 20 as the entitlement date and final day of trading, while the subsequent PSX notice specifies that the suspension will take effect from that date. These arrangements are intended to facilitate the identification of eligible shareholders and the allocation of NGLE shares in accordance with the approved merger terms. Investors will need to follow further exchange announcements for confirmation of the completion of the corporate actions and the commencement of trading in the surviving company.
The merger involves the allocation of 39,000,003 NGLE shares to LSE SPAC-I shareholders. This allocation comprises 3,530,000 distribution shares and 35,470,003 additional shares under the approved arrangement. Existing NGLE shareholders will be entitled to 165,852,744 shares, taking the company’s total issued share capital after the merger to 204,852,747 ordinary shares. NGLE’s authorised share capital will increase to Rs2.1 billion, divided into 210 million ordinary shares with a face value of Rs10 each. These changes will establish the ownership structure of the combined entity as it moves towards its proposed listing on the PSX.
According to the company’s information memorandum, approximately 40% of NGLE’s post-merger shares, equivalent to around 81.94 million ordinary shares, are estimated to constitute free float, while sponsor holdings are projected at 60%. The final free float will remain subject to verification under PSX requirements, including adjustments for restricted, blocked and other shareholdings that do not qualify as freely tradable shares. The arrangement also requires at least 15% of NGLE’s issued shares, equivalent to approximately 30.73 million shares, to remain blocked as sponsor holdings. These provisions will influence the availability of shares for public trading once the merger and listing process is completed.
Ningbo Green Light Energy was incorporated in April 2018 and converted into a public limited company in December 2024. The company provides solar energy solutions and engineering, procurement and construction (EPC) services to residential, commercial, industrial, institutional and agricultural customers. Its activities include solar system design, installation, commissioning, grid integration and maintenance. According to its information memorandum, NGLE has completed solar projects with a combined installed capacity exceeding 300 megawatts since 2018. The proposed merger will bring its solar energy operations into the structure of a publicly listed company, subject to the completion of the required approvals and corporate procedures.
The company’s financial results show a decline in revenue and profitability during FY2026. NGLE reported revenue of Rs1.58 billion, down 7.6% from Rs1.71 billion in the preceding 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 reduction in earnings, the company’s net worth increased to Rs1.81 billion from Rs1.43 billion. Total borrowings also declined by approximately 60.6% to Rs67.84 million, according to the information provided in the company’s memorandum. These figures will be relevant to investors assessing the company’s financial position as it prepares to enter the listed market through the merger.
Before the merger, NGLE Chief Executive Muhammad Qasim held a 79.66% stake in the company, while Ningbo Green Light Energy Group Co. Limited owned the remaining 20.34%. The company has also identified several business risks, including reliance on imported solar equipment, foreign exchange fluctuations, working capital requirements and changes in solar energy regulations. These factors may affect operating costs, project execution and financial performance, particularly in a market where equipment prices and currency movements can influence project economics. Investors considering the company following its proposed listing will need to assess these risks alongside its project portfolio, financial results and expected business performance.
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 proposed transaction with Ningbo Green Light Energy represents the completion of that process, with NGLE intended to become the surviving listed entity. The PSX trading suspension from October 20 is a key procedural step in implementing the merger and allocating shares to eligible investors. The proposed October 26 listing remains dependent on the completion of outstanding corporate actions and regulatory requirements, with further announcements expected to clarify the final arrangements for the company’s entry into Pakistan’s listed equity market.
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