Karachi: Ningbo Green Light Energy Limited (NGLEL) is set to list on the Pakistan Stock Exchange (PSX) tomorrow, marking a significant milestone for the company. The listing follows the merger with LSE SPAC-I Limited (SPAC1), sanctioned by the Lahore High Court on September 30, 2026. The Scheme of Arrangement allowed SPAC1 shareholders to receive 1.50 shares of NGLEL for each share held in SPAC1.
Trading of NGLEL shares will commence on the PSX Main Board on Thursday, October 29, 2026, with settlement on a T + 1 basis. The initial market lot will consist of one share valued at PKR 10 each. The Central Depository Company of Pakistan Limited has declared NGLEL shares as an eligible security, facilitating transactions through the National Clearing Company of Pakistan Limited. The security symbol assigned to NGLEL is "NGLEL," and the company's opening price will mirror SPAC1's closing price before suspension, set at PKR 21.06.
According to information available from the Pakistan Stock Exchange (PSX), NGLEL will be classified under the "Power Generation & Distribution" sector. The company, established in April 2018 and converted to a public limited entity in December 2024, operates in Pakistan's distributed solar market. NGLEL provides solar energy solutions and functions as an engineering, procurement, and construction (EPC) contractor.
Serving a diverse clientele, including residential, commercial, industrial, and institutional customers, NGLEL has completed over 300 MW of solar installations as of April 2026. The company's business model involves system integration and project execution, with components sourced internationally and locally. NGLEL has also engaged in deferred-payment and power purchase agreement (PPA) arrangements for certain projects.
The company's strategic leadership includes CEO Muhammad Qasim and non-executive director Li Haoyi, who maintains a connection with the international solar supply chain. Prior to SPAC1's investment, Mr. Qasim held a 79.66% stake, while Ningbo Green Light Energy Group owned 20.34%.
Following the merger, NGLEL's authorized capital increased from PKR 200 million to PKR 2.10 billion, with issued and fully paid shares rising to 204.85 million. The Scheme facilitates the dissolution of SPAC1 without winding up, leaving NGLEL to continue operations as the surviving entity.
Financially, NGLEL reported revenue of PKR 1.58 billion for the year ending June 30, 2026, with a net profit margin of 9.10%, classified as a big move from the previous year's 11.21%. The company's gross profit margin stood at 22.90%, indicating a moderate move from the preceding year. The earnings per share were reported at PKR 9.28.
As NGLEL embarks on this new chapter, its strategic focus on solar energy positions it to contribute to Pakistan's energy sector, aligning with global sustainability trends.