Pakistan's first SPAC deal puts a Chinese-owned solar firm on the PSX main board
A solar engineering firm has become the first company to reach the Pakistan Stock Exchange's main board through a blank-cheque vehicle, after Ningbo Green Light Energy Limited completed the country's first special purpose acquisition company transaction.
The PSX marked the listing with a gong ceremony, calling the deal a milestone for the capital market and an alternative route for growth companies to raise public money. NGLEL was the target of LSE SPAC-I Limited, and the two merged through a scheme of arrangement sanctioned by the Lahore High Court on 30 September 2026. LSE Capital structured and facilitated the transaction.
NGLEL works in renewable energy, specialising in solar engineering, procurement and construction, system integration, and operations and maintenance. Its chief executive, Muhammad Qasim, said the listing gives the company a stronger platform to pursue larger opportunities, expand operations and build long-term value for shareholders, after years spent building its capabilities and delivering projects in Pakistan's solar market.
PSX director Ahmed Chinoy said the deal showed how innovative capital market structures can open public capital to growth-oriented companies, set a precedent for future SPAC listings, and support Pakistan's shift to renewable energy and economic cooperation with China. Cheng Quan, NGLEL's director of technology, said Pakistan has significant solar potential but realising it needs engineering expertise, reliable execution and solutions suited to local conditions.
Aftab Ahmad Chaudhry, chief executive of LSE Capital, who led the introduction of the SPAC concept in Pakistan and advised on the deal, called the listing validation of the model. He said the aim was a credible, efficient pathway for businesses to enter the public market while broadening investment opportunities, and that completing the first business combination took regulatory engagement, innovation and persistence. The PSX said the development also underlined the role of renewable energy businesses in the country's economic development.