Sonangol buys Puma Energy assets in Angola

Puma Energy Holdings Pte. Ltd, Trafigura Pte Ltd. and Sonangol EP have announced the completion of the sale of Puma Energy’s business in Angola to Sonangol for USD600 million following receipt of all relevant regulatory approvals and Trafigura’s acquisition of Sonangol’s shareholding in Puma Energy.

As a result of these transactions, Trafigura’s shareholding in Puma Energy has increased to 93.3%.  Sonangol no longer holds shares in Puma Energy nor has representation on the Company’s Board.

In Angola, Puma Energy’s Pumangol business comprises a retail network of 79 service stations, a commercial business serving B2B customers, with fuels, lubricants and other services, services at four airport terminals and three storages, two of which are marine terminals.

This comes after Puma Energy was consolidated into Trafigura Group Pte Ltd after completing the USD 500 million rights issue to recapitalize Puma Energy following regulatory approvals. This saw Trafigura’s share in Puma Energy increase to approximately 73% and now 93.3% after acquiring Sonangol’s shareholding.

While Puma Energy will become part of the Trafigura Group, it will continue to operate as a separate entity on an arms-length, transparent and commercial basis. It will retain its distinct brand, management team and board led by an independent non-Executive Chairman.

Hadi Hallouche, Chief Executive Officer of Puma Energy, said, “The completion of the rights issue and consolidation of Puma Energy into the Trafigura Group is good news for Puma Energy’s employees, customers and investors. Our plans for the future focus on three core areas. First, closer co-operation between Puma Energy and Trafigura. This will strengthen Puma’s competitiveness by leveraging Trafigura’s energy market intelligence and expertise in supply chain optimization. Second, we will reinvigorate our core business by investing carefully in our downstream assets to grow market share. Finally, we will prepare for the future of energy. Puma Energy is uniquely positioned to help our customers and communities secure ongoing access to affordable energy while also helping to advance the transition to a lower-carbon future in the markets we serve.”