Puma Energy completes recapitalisation and consolidation into Trafigura
Completion of Trafigura’s acquisition of Sonangol’s shares in Puma Energy, expected in the coming weeks, will see Trafigura’s shareholding in Puma Energy increase to around 93%.
Trafigura Group and Puma Energy announced the completion of the USD 500 million rights issue to recapitalise Puma Energy following receipt of regulatory approvals. As a result of the conversion of the convertible loan into Puma Energy equity, Trafigura’s shareholding in Puma Energy will increase to approximately 72% and Puma Energy will be consolidated into Trafigura, effective from 30 September 2021.
Trafigura’s acquisition of Sonangol’s shares in Puma Energy and the conclusion of the sale of Puma Energy’s business in Angola to Sonangol, for USD 600 million is also expected to complete in the coming weeks, announced Puma Energy. Completion of this transaction will see Trafigura’s shareholding in Puma Energy increase to around 93%.
While Puma Energy will become part of the Trafigura Group, it will continue to operate as a separate entity. It will retain its brand, management team and Board led by an independent non-Executive Chairman, says Puma Energy.
Puma Energy’s focus areas for the future will include “reinvigorate” its core business by investing in its downstream assets to grow market share, said Hadi Hallouche, Chief Executive Officer of Puma Energy.
An Extraordinary Shareholder Meeting confirmed the appointment of Hadi Hallouche as Chief Executive Officer and member of the Board, and the reappointment of René Médori as Chairman of the Board.
Puma Energy is a leading global energy business, providing energy solutions in 44 countries and across six continents. It has around 2,500 retail sites, a presence at over 100 airports and a network of storage terminals.
Founded in 1993, Trafigura is one of the largest physical commodities trading groups in the world. Trafigura sources, stores, transports and delivers a range of raw materials (including oil and refined products and metals and minerals) to clients around the world and has recently established a power and renewables trading division.
