KARACHI, Oct 27 (Focus Pakistan) – Pakistan’s first special purpose acquisition company spent about five and a half months on the stock exchange. Now it no longer exists.
The LSE SPAC-I merger has dissolved LSE SPAC-I Ltd. (PSX: SPAC1) into Ningbo Green Light Energy Ltd. (NGLE), a solar installer whose annual profit fell 25%. SPAC1 investors already hold their new NGLE shares after the Central Depository Companys credited them to their accounts, according to an Oct. 26 filing with the Pakistan Stock Exchange.
Rs250 million bought Pakistan a market experiment. The deal now puts it to the test. Can a shell company bring an operating businessto market faster than a regular listing? The answer rests on a solar firm with shrinking earnings.
LSE SPAC-I Merger: From Shell to Solar
SPAC1 opened for trading on May 11, priced at Rs10. Its Rs250 million share offering combined a Rs200 million pre-IPO placement with Rs50 million in public subscription.
The rules gave it three years to find a target. It needed far less. By May 25, SPAC1 held 19.04 percent of NGLE, bought for Rs230 million. Shareholders backed the merger without a single dissent in July. The Lahore High Court signed off on Sept. 30.
Each SPAC1 share converts into 1.5 NGLE shares. Former SPAC1 holders receive 39 million shares, about 19 percent of NGLE’s enlarged base of 204.85 million. Existing NGLE shareholders keep about 165.85 million.
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At the Rs10 IPO price, each SPAC1 share translates into 1.5 NGLE shares, implying an original acquisition cost of roughly Rs6.67 per NGLE share. That is an arithmetic conversion, not a market valuation. Trading will decide what the shares are worth.
Earnings Slip, Balance Sheet Firms
NGLE brings a mixed set of numbers. Start with sales. NGLE booked Rs1.58 billion in the 12 months to June 2026, about 7.6 percent less than a year earlier. Profit took a bigger knock and lost a quarter, sliding to Rs144 million from Rs192 million. At the operating line, the figure dropped from Rs223 million to Rs180 million.
The balance sheet looks sturdier. The company cut borrowings by about 61 percent to Rs68 million and lifted net worth to Rs1.81 billion from Rs1.43 billion.
NGLE was founded in 2018 and is partly owned by China’s Ningbo Green Light Energy Group. Its customers range from homeowners and shopkeepers to factory owners and farmers. NGLE says it has finished more than 300 megawatts’ worth of projects. Firms that would rather not pay upfront can settle in instalments through its financing scheme.
Solar Rules Shift Underfoot
NGLE arrives as Pakistan rewrites the economics of rooftop solar. The boom came fast. Net-metered rooftop capacity sat below 200 megawatts six years ago. By June 2026 it neared 7,000 megawatts, according to official figures reported in July.
That surge pushed NEPRA to notify the Prosumer Regulations 2026 on Feb. 9, moving new users from net metering to net billing. NEPRA later amended the regulations, and the Power Division separately protected qualifying applications already in the pipeline. Existing customers keep their earlier terms for the life of valid agreements, subject to conditions.
For installers, that math matters. Lower compensation for surplus electricity could lengthen the payback period for new solar customers and discourage some installations. On top of that, NGLE pays for imported panels in a currency that moves, and it competes with plenty of rival installers.
A Template for More Deals
LSE Capital has not stopped at one. It has already completed the IPO of LSE SPAC-II and has applied to list LSE SPAC-III, which aims to raise Rs500 million. Its chief executive, Aftab Ahmad Chaudhry, has argued that SPACs can open the market to growth-stage firms too small for a conventional IPO.
The model arrives in a record year for Pakistani listings. Thirteen IPOs had raised a combined Rs23.1 billion by mid-September, according to Bloomberg data.
The Oct. 26 filing confirms the merger but not whether NGLE shares have begun regular trading. The company had named Oct. 26 as a tentative listing date, subject to approvals.
Pakistan’s first SPAC did its job quickly. Now NGLE has to prove the shortcut led somewhere worth going.
