Lahore, October 13, 2026 — Ningbo Green Light Energy Limited (NGLE), a company operating in Pakistan’s solar energy sector, is preparing for its planned listing on the Pakistan Stock Exchange (PSX) following the approval of its merger with LSE SPAC-I Limited. The Lahore High Court sanctioned the Scheme of Arrangement on September 30, 2026, paving the way for the merger and the subsequent transfer of assets, liabilities and shareholder entitlements.
Under the approved arrangement, LSE SPAC-I Limited will merge into NGLE, which will remain the surviving entity. Shareholders of LSE SPAC-I will receive NGLE shares according to the approved exchange ratio, while LSE SPAC-I will be dissolved without winding up after the scheme is implemented.
Key Dates and Share Exchange Ratio
According to the implementation schedule submitted to the Pakistan Stock Exchange, October 20, 2026, is the entitlement date and final trading day for LSE SPAC-I shares. Shareholders recorded in the company’s register at the close of business on that date will qualify for the exchange.
Under the scheme, eligible LSE SPAC-I shareholders will receive 1.50 NGLE shares for every SPAC-I share held. This means an investor holding 100 SPAC-I shares will be entitled to 150 NGLE shares, subject to the rounding provisions in the approved arrangement. Fractional shares will not be issued.
For existing NGLE shareholders, October 15, 2026, is the entitlement date for the distribution of additional shares, with the book closure scheduled for October 16–17, 2026.
The company has proposed October 26, 2026, as the tentative listing date for NGLE under the trading symbol NGLE. The proposed date remains subject to the required increase in authorized share capital and applicable approvals from the Securities and Exchange Commission of Pakistan (SECP), PSX and Central Depository Company (CDC).
NGLE’s Share Capital to Expand After Merger
The merger will significantly increase NGLE’s authorized and issued share capital. Under the sanctioned scheme, its authorized share capital will rise from PKR 200 million to PKR 2.1 billion, divided into 210 million ordinary shares with a face value of PKR 10 each.
Following the planned share issuance and distribution, NGLE’s total issued shares are expected to reach approximately 204.85 million. Of these, 165.85 million shares will be attributable to existing NGLE shareholders, while approximately 39 million shares will be distributed to LSE SPAC-I shareholders.
The updated information memorandum estimates that around 40% of NGLE’s post-merger share capital, or approximately 81.94 million shares, could constitute free float. However, the final figure will depend on the applicable PSX classification and confirmation of shareholders’ holdings and any restricted or blocked shares.
NGLE’s Business and Solar Energy Operations
NGLE operates in the renewable energy sector, providing solar energy solutions and engineering, procurement and construction (EPC) services. Its business covers system design, equipment procurement, installation, commissioning, grid and hybrid integration, performance monitoring, maintenance and after-sales support.
The company serves residential, commercial, industrial, small and medium-sized enterprise (SME), institutional and agricultural customers. Its solutions include on-grid, off-grid and hybrid solar systems, including battery-backed installations.
According to the company’s prospectus, NGLE has completed solar power projects with an aggregate installed capacity exceeding 300 megawatts since 2018. Its project experience includes work for government entities, private industrial customers and military establishments. The company has also undertaken projects involving deferred payments and power-purchase arrangements.
Financial Performance Shows Mixed Trends
NGLE’s disclosed financial figures show changes in revenue and profitability over the four financial years from 2023 to 2026.
| Financial indicator | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue (PKR million) | 2,111.05 | 1,712.60 | 1,581.93 |
| Profit after tax (PKR million) | 326.62 | 191.97 | 144.02 |
| Net worth (PKR million) | 1,246.76 | 1,432.73 | 1,806.75 |
| Total borrowings (PKR million) | 106.95 | 171.97 | 67.84 |
Source: NGLE Information Memorandum.
The figures indicate that revenue and profit after tax declined in FY2025 and FY2026 compared with FY2024, while net worth increased and borrowings fell in FY2026. These trends provide useful context for investors assessing the company’s financial position, although they do not by themselves establish its future performance.
Risks Investors Should Consider
Despite its operating history in the solar energy sector, NGLE faces several business risks identified in its information memorandum. These include dependence on imported solar equipment, foreign-exchange exposure, working-capital requirements and potential changes in government policies affecting solar installations and net metering.
The company may also face project-execution challenges, delays in collecting customer payments and competitive pressure that could affect profit margins. Its reliance on international suppliers makes procurement costs and currency movements important factors to monitor.
What the Merger Means for Shareholders
The approved merger establishes the framework for bringing NGLE and LSE SPAC-I together under a single listed-company structure. For eligible LSE SPAC-I shareholders, the arrangement provides a defined mechanism for receiving shares in NGLE rather than continuing to hold shares in the transferor company.
The proposed October 26 listing could mark an important corporate milestone for NGLE, subject to completion of the required regulatory and implementation steps. Investors should review the official PSX disclosures, the sanctioned scheme, the final share-entitlement details and the company’s financial information before making investment decisions.
The merger and proposed listing should not be interpreted as a guarantee of share-price appreciation or future profitability.
Conclusion
The merger of LSE SPAC-I Limited into Ningbo Green Light Energy Limited represents a significant corporate development for the company and its shareholders. With a proposed PSX listing in October 2026, NGLE is preparing to enter the listed market with an expanded share capital and an established solar energy business.
The company’s project history and participation in Pakistan’s renewable energy sector may attract market attention. However, its future performance will depend on operational execution, profitability, cash flow management, regulatory developments and competitive conditions. The final listing date and share structure remain subject to the relevant approvals and completion of the sanctioned scheme.
