LSE SPAC-I Limited said on Tuesday that following its successful IPO, it had paid Rs230 million for the acquisition of 19.04% equity stake in Ningbo Green Light Energy Limited.
The company informed the Pakistan Stock Exchange today.
Ningbo Green Light Energy Limited is a leading solar energy solutions provider and EРС company in Pakistan, partly owned by Ningbo Green Light Energy Group Company Limited, said the notice.
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There has been a growing shift towards alternative energy sources in Pakistan, especially solar, which has become increasingly popular among residential and commercial sectors.
The South Asian nation of about 224 million people depends heavily on imported oil and liquefied natural gas, leaving it vulnerable to global price swings.
Fuel shortages resulting from the Iran war and the effective closure of the Strait of Hormuz have prompted the government to scramble for alternative energy sources, while introducing austerity measures such as shorter office hours.
LSE SPAC-I is Pakistan’s first Special Purpose Acquisition Company under the public offering regime. The company aims to raise funds for mergers or acquisitions within three years.