Ningbo Green Light Energy to start PSX trading on Thursday

Shares of Ningbo Green Light Energy Limited (NGLEL) will begin trading on the Pakistan Stock Exchange Main Board on Thursday, October 29, the exchange said in a notice on Wednesday, taking the solar company to market through a merger with a listed acquisition vehicle rather than a conventional initial public offering.

The listing follows a Scheme of Arrangement for the merger of LSE SPAC-I Limited, a special purpose acquisition company, into NGLEL. The scheme was sanctioned by the Lahore High Court in an order dated September 30, 2026. Under the swap ratio disclosed in the scheme, shareholders of SPAC-I have been allotted 1.50 shares of NGLEL against each share of SPAC-I they held.

According to the PSX notice, the market lot for the company will be one share of Rs10 each. Trading will be settled on a T+1 basis, and the first settlement date will be Friday, October 30, 2026.

The opening price has been fixed at Rs21.06, the closing price of SPAC-I on the last day it traded before suspension, a figure carried in the court-sanctioned scheme. Normal circuit breakers will apply to that opening price in the Ready Market.

The Central Depository Company of Pakistan Limited has already declared the shares an eligible security, and all transactions will be settled through the National Clearing Company of Pakistan Limited, which has assigned "NGLEL" as the company code and security symbol.

NGLEL operates in Pakistan's distributed solar market as a solar energy solutions provider and as an engineering, procurement and construction (EPC) contractor. Its principal operating model is system integration and project execution. Core components (photovoltaic modules, inverters and battery storage systems) are sourced from international manufacturers, while mounting structures and other balance-of-system components may be procured locally.

The exchange's notice set out the mechanics of the listing but did not state the number of shares being admitted to trading or the total size of the issue. Business Recorder reported the listing notice and the company's business description.

SPAC-1 had announced the opening price through a notification dated October 13, 2026, before the exchange confirmed the start of trading. Trading in SPAC-I shares had been suspended ahead of the merger becoming effective.