Lahore, September 3, 2026: LSE SPAC-I Limited has received regulatory approval from the Competition Commission of Pakistan (CCP) for its proposed merger with Ningbo Green Light Energy Limited, marking a key step toward completion of the transaction.
According to a material information notice submitted to the Pakistan Stock Exchange, the CCP authorized the proposed merger through its order in Case No. 1627/Merger-CCP/2026. The Commission determined that the transaction would not create or strengthen a dominant position in the relevant market and therefore approved it under Section 31(1)(d)(i) of the Competition Act, 2010.
LSE SPAC-I is a listed Special Purpose Acquisition Company incorporated in March 2025. The company was established to raise capital through an initial public offering and subsequently undertake a merger, acquisition or business-combination transaction. The CCP order notes that the SPAC does not have commercial operations of its own and is a wholly owned subsidiary of LSE Capital Limited.
Ningbo Green Light Energy Limited, the merger partner, is an unlisted public company incorporated in Pakistan in April 2018. Its business activities include the import and distribution of solar power equipment, including solar panels and inverters, as well as related solar-system services, sales and support in Pakistan.
Two-Phase Transaction
The proposed transaction consists of two phases. Under the first phase, LSE SPAC-I has acquired 19.04% of the issued equity share capital of Ningbo Green Light Energy. The second phase involves the merger of LSE SPAC-I with and/or into Ningbo Green Light Energy at a pre-agreed share-exchange ratio, with Ningbo Green Light Energy becoming the surviving entity.
Under the agreement, Ningbo Green Light Energy will issue 39,000,003 ordinary shares to the shareholders of LSE SPAC-I at a swap ratio of 1.50 shares of Ningbo Green Light Energy for every one share of LSE SPAC-I, based on a par value of Rs10 per share.
CCP Finds No Competition Concerns
The CCP assessed the transaction under Pakistan’s merger-control framework, focusing on its potential impact on competition and market dominance.
The relevant market was identified as “Solar Photovoltaic Equipment and Related Services” within Pakistan. The Commission’s assessment found that Ningbo Green Light Energy had an estimated market share of 1.5% in FY2025 and 0.12% in FY2026, based on the information submitted in the application.
The Commission also noted that the transaction would not alter existing market shares because LSE SPAC-I and associated LSE undertakings do not operate in the relevant market. In addition, the presence of numerous established solar solution providers was considered indicative of a competitive market environment.
The CCP concluded that the transaction would not create entry barriers or restrict existing or potential competitors from competing effectively. It therefore determined that the merger would not result in a substantial lessening of competition.
Path Toward PSX Listing
One of the significant outcomes of the proposed merger is that Ningbo Green Light Energy is expected to become listed on the Pakistan Stock Exchange (PSX) following completion of the transaction. The CCP order specifically states that the merger would result in the target company becoming listed on the exchange.
The approval represents an important regulatory milestone for LSE SPAC-I and Ningbo Green Light Energy. However, the CCP clarified that its assessment was limited to the competition aspects of the transaction under Section 11 of the Competition Act. Other matters remain subject to applicable laws, judicial orders and the oversight of relevant regulatory authorities.
For investors, the approval clears an important competition-regulatory hurdle, while completion of the broader merger remains subject to the applicable legal and regulatory requirements.
