March 2, 2020 / 11:17 AM / a month ago

Trafigura's Puma Energy agrees shareholder restructuring with Angola's Cochan

LONDON, March 2 (Reuters) - Puma Energy, the fuel retail arm of Trafigura, has agreed a shareholder restructuring that would reduce take the stake of a retired Angolan general to less than 5%.

Puma said late on Sunday that Geneva-based commodities trader Trafigura would buy back Cochan Holdings’ shares which will then be re-purchased by Puma. General Leopoldino Fragoso do Nascimento, known as General Dino, holds a 15% stake in Puma via Cochan while Trafigura has 49% and Angola’s state oil firm 28%.

“The re-purchase by Puma Energy will be funded by a subordinated shareholder loan from Trafigura with an initial tenor of seven years,” Puma’s statement said. (Reporting by Julia Payne; Editing by Kirsten Donovan)

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