LSE SPAC-I approves merger plan with Ningbo Green Light Energy

The Board of Directors of LSE SPAC-I Limited has approved the initiation of proceedings for its proposed merger with Ningbo Green Light Energy Limited through a court-sanctioned scheme, according to a notice submitted to the Pakistan Stock Exchange on Wednesday.

Under the proposed transaction, LSE SPAC-I Limited would merge into Ningbo Green Light Energy Limited, which would become the resultant listed entity after obtaining approval from the Lahore High Court and completing all applicable regulatory requirements.

The board approved the proposal through a resolution passed by circulation on June 3, 2026.

The company will file a Scheme of Compromise, Arrangement and Reconstruction under Sections 279 to 283 of the Companies Act, 2017, before the Lahore High Court for approval.

The scheme has been proposed between Ningbo Green Light Energy Limited and its members and LSE SPAC-I Limited and its members.

Under the approved swap ratio, shareholders of LSE SPAC-I Limited will receive 1.50 ordinary shares of Ningbo Green Light Energy Limited for every one ordinary share held in the special purpose acquisition company.

The effective date of the proposed scheme has been set as May 15, 2026, or another date that may be approved by the Lahore High Court at the request of the parties.

The board also approved the special-purpose audited financial statements of LSE SPAC-I Limited for the period ended May 15, 2026.

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Until the court sanctions the scheme, LSE SPAC-I Limited will continue operating as a going concern and conduct its activities in the ordinary course of business under its constitutive documents and applicable laws and regulations.

Completion of the merger remains subject to the Lahore High Court’s sanction and fulfilment of all regulatory conditions.

Last month, LSE SPAC-I appointed four directors to the seven-member board of Ningbo Green Light Energy Limited after acquiring a 19.04% equity stake in the company.

The appointments were made under Regulation 12(l) of the Public Offering Regulations, 2017, which governs special purpose acquisition companies.

According to an earlier PSX disclosure, the directors were appointed under a Management and Governance Agreement signed by LSE SPAC-I Limited and Ningbo Green Light Energy Limited on February 12, 2026.

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LSE SPAC-I completed payment for the acquisition of the 19.04% stake on May 11, following the conclusion of its initial public offering.

The proposed investment had previously been disclosed in the prospectus issued for the IPO.

Ningbo Green Light Energy Limited operates in Pakistan as a solar energy solutions provider and an engineering, procurement and construction company. It is partly owned by Ningbo Green Light Energy Group Company Limited.

Read This: LSE SPAC-I appoints four directors to Ningbo Green Light Energy board after stake acquisition

LSE SPAC-I became Pakistan’s first special purpose acquisition company listed on the Pakistan Stock Exchange, with trading in its shares beginning on May 11, 2026.

A special purpose acquisition company raises capital through a public listing to pursue a future merger or acquisition. LSE SPAC-I plans to complete such transactions within three years.