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Wednesday, 14 April 2010

Kampac embarks on €1B reverse merger listing

Kampac Oil, a Dubai-based conglomerate, has embarked on a €1 billion reverse merger listing to fund the expansion of its explorations and refining operations in Africa, the company said on Tuesday.

Kampac ME FZCO, which has been publicly listed on the Frankfurt Stock Exchange (FSE) under the name Kampac International PLC, 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 Limited, a US-based $3.4 billion alternative investment group, to finance the expansion and development of its oil and gas related projects across emerging markets.