LHC approves LSE SPAC-I merger with Ningbo Green Light Energy, PSX listing planned for October 26

The Lahore High Court has approved the merger of LSE SPAC-I Limited into Ningbo Green Light Energy Limited (NGLE), according to a notice filed with the Pakistan Stock Exchange on October 13. Under the court-approved arrangement, the special purpose acquisition company will merge into NGLE, which will survive as the continuing entity, while NGLE's listing on the PSX is tentatively fixed for October 26, 2026. Shareholders of LSE SPAC-I will receive 1.5 NGLE shares for each share they hold, with 39,000,003 shares allocated to them in total.

NGLE, a Lahore-based solar system integrator and EPC contractor, has completed projects exceeding 300 megawatts since 2018 for government, industrial and military clients. Its FY2026 revenue fell 7.6% to Rs1.58 billion, while profit after tax dropped about 25% to Rs144.02 million. Net worth climbed to Rs1.81 billion in FY2026, while total borrowings fell to Rs67.84 million.

Post-merger issued capital is expected to reach 204,852,747 ordinary shares, with an estimated 40% free float subject to PSX verification. The company said the annual general meeting set for October 28 will not be held, as LSE SPAC-I is expected to stop existing ahead of that day. Completion remains subject to approvals from the SECP, PSX and CDC.