LSE SPAC-I Limited (PSX: SPAC1), Pakistan’s first special purpose acquisition company (SPAC), has taken a decisive step toward its proposed merger with China-based renewable energy company Ningbo Green Light Energy Limited. The board of directors has formally approved the initiation of a merger scheme, which will see LSE SPAC-I merged into Ningbo Green Light Energy, establishing the latter as the resulting listed entity on the Pakistan Stock Exchange.
According to a notice filed with the exchange, the board passed the resolution by circulation on June 3, 2026, approving the filing of a Scheme of Compromise, Arrangement and Reconstruction under Sections 279 to 283 of the Companies Act, 2017. The scheme, proposed between Ningbo Green Light Energy and its members, and LSE SPAC-I and its members, will be presented to the Lahore High Court for sanction.
| Merger Detail | Information |
|---|---|
| Acquirer (Resulting Entity) | Ningbo Green Light Energy Limited |
| Target (to be merged) | LSE SPAC-I Limited (PSX: SPAC1) |
| Share Swap Ratio | 1.50 : 1 (1.50 NGLE shares per 1 SPAC1 share) |
| Legal Framework | Sections 279-283, Companies Act 2017 |
| Court | Lahore High Court (sanction pending) |
| Effective Date | May 15, 2026 (or as approved by court) |
Unlocking a Clean Energy Future
The merger represents a landmark cross-border transaction, cementing PSX’s first-ever SPAC transaction. As a special purpose acquisition company, LSE SPAC-I was established to identify and merge with a high-growth business. Its target, Ningbo Green Light Energy, is a renewable energy enterprise specializing in solar and wind equipment manufacturing, photovoltaic power station development, and comprehensive energy solutions.
Under the approved terms, shareholders of LSE SPAC-I will receive 1.50 ordinary shares of Ningbo Green Light Energy for every one ordinary share they hold in the SPAC. Following the merger, the Chinese clean energy company will become a publicly traded entity on the PSX, offering local investors direct exposure to the rapidly growing renewable energy sector.
A Historic Milestone for PSX and Cross-Border Investment
This merger process began with LSE SPAC-I’s initial public offering earlier this year, which raised the necessary capital to initially acquire a stake in Ningbo Green Light Energy. The board has also approved the company’s Special Purpose Audited Financial Statements for the period ended May 15, 2026. Until the Lahore High Court sanctions the scheme, LSE SPAC-I will continue to operate as a going concern in the ordinary course of business.
About Ningbo Green Light Energy Limited
Ningbo Green Light Energy Group Co., Ltd. was founded in 2010 and is headquartered in Ningbo, China. The company is an integrated new energy service provider, specializing in the research, development, manufacturing, and sale of solar photovoltaic modules and wind energy equipment. Its business portfolio also includes the investment, construction, operation, and maintenance of utility-scale solar and wind power plants both domestically and internationally.
About LSE SPAC-I Limited
LSE SPAC-I Limited (PSX: SPAC1) is a subsidiary of LSE Capital Limited and represents Pakistan’s first special purpose acquisition company listed under the public offering regime. Incorporated on March 20, 2025, the SPAC was established to raise capital through an IPO for the purpose of acquiring or merging with an existing high-growth company.
