Trafigura and Puma Energy announce 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 percent and Puma Energy will be consolidated into Trafigura, effective from today.

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. Completion of this transaction will see Trafigura’s shareholding in Puma Energy increase to around 93 percent.

While Puma Energy will become part of the Trafigura Group, it will continue to operate as a separate entity on an arms-length, transparent, 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 optimisation. 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.”

An Extraordinary Shareholder Meeting this morning confirmed the appointment of Hadi Hallouche as Chief Executive Officer and member of the Board. The Board welcomed the reappointment of René Médori as Chairman of the Board. It also expressed its thanks to Graham Sharp who has stepped down from the Board.

René Médori, Chairman of Puma Energy said: “I would like to thank Graham Sharp for his service on the Puma Energy board, both as a member and prior to that as Chairman. His wise counsel and deep understanding of the business have provided invaluable guidance and insight to the company over many years.”