LSE SPAC-I Limited (PSX: SPAC1), together with the target company, has jointly filed a petition before the Honorable Lahore High Court seeking approval and sanction of the proposed merger with Ningbo Green Light Energy Limited through a Scheme of Arrangement and Reconstruction. The development marks a significant procedural step toward completing Pakistan’s first-ever SPAC transaction.
Read More: Nutshell Group and M&P Strengthen ‘THE GLOBAL CONNECT’ Platform
The filing follows the board’s earlier approval of the merger scheme, which was announced on June 10, 2026. Under the proposed 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. The share swap ratio was previously disclosed in the company’s prospectus and remains central to the transaction structure.
| Merger Milestone | Detail |
|---|---|
| Petition Filed | June 17, 2026 |
| Court | Lahore High Court |
| Relief Sought | Approval and sanction of Scheme of Arrangement and Reconstruction |
| Legal Framework | Sections 279–283, Companies Act 2017 |
| Background Disclosure | Previously disclosed in company’s prospectus |
Next Steps in the Merger Process
With the petition now filed, the Lahore High Court will review the Scheme of Arrangement and Reconstruction. Upon court sanction, the merger will proceed to its final stages, culminating in the listing of Ningbo Green Light Energy as the resulting entity on the Pakistan Stock Exchange. Until the 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. is a Chinese renewable energy enterprise founded in 2010 and headquartered in Ningbo, China. The company specializes in the research, development, manufacturing, and sale of solar photovoltaic modules and wind energy equipment, with an integrated portfolio that includes the investment, construction, operation, and maintenance of utility‑scale solar and wind power plants.
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.
