18 April 2010
Dubai-based oil and gas company Kampac Oil ME has embarked on a €1 billion (Dh4.95bn) reverse merger listing to fund the expansion of its explorations and refining operations in Africa, the company said in a statement.

Kampac, which has been publicly listed on the Frankfurt Stock Exchange (FSE) under the name Kampac International, started trading from Monday at €2.5 per share. Simultaneously, Kampac has signed a €200 million equity line of credit facility with GEM Global Yield Fund (GEM Global), a US-based $3.4bn alternative investment group, to finance the expansion and development of its oil and gas related projects across emerging markets.

Under the agreement, GEM global will provide Kampac funds to support the development and implementation of its key projects in Ghana and South Africa.

By Staff Writer

© Emirates Business 24/7 2010