LONDON (Reuters) – Global commodities trader Trafigura is in advanced talks to buy over 10% of Angolan general’s stake in its fuel retail arm Puma Energy by the end of the year, sources familiar with the matter said.
Retired general Leopoldino Fragoso do Nascimento, known as General Dino, currently holds a 15% stake in the firm through his company Cochan Holdings while Trafigura has 49% and Angola’s state firm Sonangol holds 28%.
Puma - Shareholding - Structure - Trafigura - CEO
Puma’s shareholding structure was put together under Trafigura’s former CEO and founder Claude Dauphin, who was close to the former ruling Angolan elite. However, the Swiss firm’s dream of listing Puma hit compliance hurdles owing to the general’s presence as a significant stakeholder.
Trafigura has wanted to restructure Puma’s ownership for years but the move to buy out Cochan only began in earnest after Emma Fitzgerald took over as Puma’s chief executive in January last year.
Puma - Trafigura - Cochan - Request - Comment
Puma and Trafigura declined to comment. Cochan did not respond to a request for comment.
The move comes at a time when Angola itself is reviewing its assets. The government announced a cross-sector privatization drive last year, including its aim to list state oil firm Sonangol by 2022 and divest its stake in Puma.
Step - Cochan - Year - Puma - Board
In a first step, Cochan agreed last year to no longer be represented on Puma’s board. A source familiar with the matter...
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