← All events · Pakistan report
Pakistan: Strategic developments in Lahore
Ningbo Green share price loses 34% in four days at PSX Ningbo Green Light Energy Limited (NGLEL) share price has dropped more than 34% in just four trading sessions since its listing on the Pakistan Stock Exchange (PSX), losing nearly 10% a day to close at Rs13.82 per share on Tuesday. The company’s share price closed at Rs13.82 on Tuesday, down from its pre-listing price of Rs21.06 per share last week. The company got listed at the PSX on October 29, 2026 through backdoor listing and celebrated its listing at a gong ceremony at the PSX on Tuesday. Investors exchanged 1.93 million shares of NGLEL at the stock market on the fourth day of its listing. Backdoor listing, also known as reverse merger or reverse takeover, is a method by which a private company becomes publicly listed by merging with or acquiring an already publicly traded company. In a press statement, the PSX said it hosted a gong ceremony to celebrate the listing of Ningbo Green on the Main Board of the Exchange, following the successful completion of Pakistan’s first-ever Special Purpose Acquisition Company (SPAC) transaction. Originally identified as the target company of LSE SPAC-I Limited, NGLEL completed its business combination through a Scheme of Arrangement sanctioned by the Lahore High Court on September 30, 2026. The transaction, structured and facilitated by LSE Capital, resulted in the merger of LSE SPAC-I into NGLEL, paving the way for the solar energy company to become publicly listed. As per the swap ratio disclosed in the Scheme, the shareholders of SPAC-I have been allotted 1.50 shares of NGLEL against 1 share of SPAC-I, according to PSX. LSE SPAC-I, a subsidiary of LSE Capital Ltd., raised Rs250 million in May through an initial public offering and used the proceeds to acquire a 19.04% stake in Ningbo Green Light Energy, which is partly owned by Ningbo Green Light Energy Group Company Limited. “For us, this listing is much more than a financial milestone. We have spent years building our capabilities, delivering projects and establishing our presence in Pakistan’s solar energy market. Becoming a publicly listed company gives us a stronger platform to pursue larger opportunities, expand our operations and build lasting value for our shareholders. We are particularly proud to be part of a transaction that has also opened a new chapter for Pakistan’s capital market,” Muhammad Qasim, Chief Executive Officer of Ningbo Green Light Energy Limited, was quoted as saying in the PSX statement.
Event details
These categories are assigned by an automated classifier and are not manually verified — they can be inaccurate or mislabelled. See how Newsmap classifies events.
Source
This event was reported on rssby @Business Recorder. The summary above is an automated, neutral description; always consult the original report before relying on it.
Related reports
Other recent reports about the same actors or country: