PSX celebrates Pakistan’s first SPAC listing as NGLEL debuts on Main Board

KARACHI (Staff Report): The Pakistan Stock Exchange (PSX) on Tuesday marked a historic milestone for the country’s capital market with a Gong Ceremony to celebrate the listing of Ningbo Green Light Energy Limited (NGLEL) — Pakistan’s first company to go public through a Special Purpose Acquisition Company (SPAC) transaction.

The listing of NGLEL on the PSX Main Board follows the successful completion of a business combination where LSE SPAC-I Limited, Pakistan’s first SPAC, merged into the solar energy company.

The transaction was executed through a Scheme of Arrangement sanctioned by the Lahore High Court on September 30, 2026, and was structured and facilitated by LSE Capital.

NGLEL operates in Pakistan’s renewable energy sector, with a focus on solar engineering, procurement and construction (EPC), system integration, and operations and maintenance services.

For the PSX, the development demonstrates how the SPAC framework can serve as an alternative route for promising businesses to access public capital markets.

Addressing the ceremony, PSX Director Ahmed Chinoy, termed it a landmark achievement.

“Today’s Gong Ceremony marks a landmark achievement for Pakistan’s capital market with the successful completion of the country’s first SPAC transaction,” Chinoy said.

He added that NGLEL’s admission to the Main Board shows how innovative capital market structures can create new opportunities for growth-oriented companies. “The listing is significant not only because it establishes a precedent for future SPAC-led transactions, but also because it supports Pakistan’s transition towards renewable energy and further strengthens economic cooperation between Pakistan and China,” he noted.

Muhammad Qasim, Chief Executive Officer of NGLEL, said the listing goes beyond a financial event.

“For us, this listing is much more than a financial milestone. We have spent years building our capabilities, delivering projects and establishing our presence in Pakistan’s solar energy market. Becoming a publicly listed company gives us a stronger platform to pursue larger opportunities, expand our operations and build lasting value for our shareholders,” Qasim said.

He expressed pride in being part of a transaction that has opened a new chapter for Pakistan’s capital market.

Cheng Quan, Director Technology at NGLEL, highlighted the company’s technical vision, noting that Pakistan has enormous solar potential but unlocking it requires engineering expertise, reliable execution and solutions tailored to local conditions.

Aftab Ahmad Chaudhry, CEO of LSE Capital, who spearheaded the introduction of the SPAC concept in Pakistan, said the listing validates the model.

“When we first introduced the idea of SPACs in Pakistan, the objective was to create a credible, efficient pathway for businesses to enter the public market. Today, we are seeing that vision translate into a completed transaction,” Chaudhry said, adding that the journey required considerable regulatory engagement, innovation and persistence.

Market observers say the successful completion of Pakistan’s first SPAC transaction opens a new avenue for companies seeking public capital and underscores the growing role of renewable energy firms in economic development.