DUBAI - Kampac Oil M.E. FZCO, a Dubai based conglomerate, has embarked on a Euro 1billion reverse merger listing to fund the expansions and refining operations in Africa, the company said Tuesday.

KampacME FZCO, which has been publicly listed on the Frankfurt Stock Exchange (FSE) under the name Kampac International PLC, started trading from Monday at Euro 2.5 per share.

Simultaneously, Kampac has signed a Euro 200 million equity line of credit facility with GEM Global Yield fund Limited (GEM Global), 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.

Speaking to Khaleej Times, charles Ampofo, chairman and chief Executive Officers of Kampac, said the company would start selling remaining stocks

within 10 days.  “We are cofident of raising money despite the current difficult times as we have several viable ongoing projects that need funds for further expansion.” He said the Kampac-GEM partnership “is testament to the trust and confidence of global investors in Dubai’s economic fundamentals ad its future prospects.”

Under the agreement, GEM global will provide Kampac funds to support the development and implementation of its key projects in Ghana and South Africa. “This is the beginning of a long term relationship and I am pleased in the formation of this partnership in view of the current financial crisis

Ampofo said the partnership would help in the development and implementation of key projects in Sub-Saharan Africa.  Kampac Has principal activities in exploration, trading, refining, distribution, oil infrastructure development, equipment supplies and oil services.

 The company has offices in 13 countries with 800 employees, a turnover of about US$1 billion and audited financials.  The business also includes diversified interests in emerging and frontier markets namely Africa, Asia, Middle East and South Africa.

In 2007, a consortium led by Kampac signed a US$1.6 billion contract with the Ghana Railway Corporation for a railway project in the Western part of Ghana.  The 35-year contract involves the construction of 800 kilometers of new railway lines and the rehabilitation of 400 kilometers of existing lines.

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