SINGAPORE: Puma Energy Holdings Pte Ltd has agreed, subject to receipt of regulatory approvals, to a shareholding restructuring transaction with Trafigura Pte Ltd and Cochan Holdings; the result of which will be that Cochan is no longer a significant shareholder, with Cochan’s shareholding reduced to less than 5%. This is in line with Puma Energy’s previous guidance.
The transaction will be implemented by a buyback of shares from Trafigura. This follows an equivalent purchase by Trafigura of Puma Energy’s shares from Cochan Holdings. The re-purchase by Puma Energy will be funded by a subordinated shareholder loan from Trafigura with an initial tenor of seven years.
Puma Energy is fully focused on its five-year customer led growth strategy to implement business improvements and capture operational efficiencies, while refocusing the portfolio and developing a customer-focused approach which will be capable of supporting sustainable growth. The Company continues to deleverage its balance sheet and optimise its portfolio, with the recently announced transactions in Paraguay and Australia, both on track for completion in Q1 and Q2 2020 respectively.
Emma FitzGerald, CEO of Puma Energy, said: “Puma Energy is building a strong platform to enable us to seize and take advantage of the dynamic opportunities of a fast-changing energy landscape in the markets in which we operate. With the continued support of our shareholders, the Company is confident in its abilities to develop a customerfocused business capable of delivering sustainable profit growth and to make a material contribution to the energy transition within the communities it serves.
“Today’s shareholding restructuring reflects the third pillar of a plan, which together with our targeted deleveraging efforts and the implementation of Puma Energy’s five-year strategy, will facilitate future access to capital and ensure we are best positioned to unlock future growth opportunities”.