Trafigura lodges application to acquire Puma Energy

 TRAFIGURA Group has lodged an application for clearance for a proposed acquisition of further interest in Puma Energy Group, according to the Independent Consumer and Competition Commission (ICCC).

Commissioner and chief executive officer Paulus Ain said in a public notice that Trafigura currently was the majority shareholder in Puma and post-acquisition, Trafigura would have a controlling interest in Puma.

Puma Energy has business interests in the country through its three wholly-owned subsidiaries: Puma Energy Bunkering PNG Ltd, Puma Energy PNG Ltd and Puma Energy PNG Refining Ltd.

Its operations in the country involve oil manufacturing or refinery at Napa Napa, wholesale and retail distribution of refined petroleum products, LPG and bitumen supply.

Ain said the ICCC was seeking comments and submissions from relevant stakeholders and persons who might have interests in the proposed acquisition.

“Please provide your comments on whether or not this acquisition will have any serious harm to competition in any markets in PNG,” he said.

Last Friday, Puma Energy Holdings Pte Ltd, Trafigura Pte Ltd and Sonangol EP announced the signing of a series of agreed transactions.

According to a statement from Puma Energy, Trafigura agreed to purchase, from Sonangol, its entire shareholding in Puma Energy for the sum of US$600 million (K2.065 billion).

It said that Puma Energy agreed the sale of its Angolan business and assets to Sonangol.

This included the acquisition of the Pumangol retail network of service stations, airport terminals and marine terminals, including the state of the art Terminal de Combustíveis da Pumangol em Luanda (TCPL) terminal in Luanda Bay, Angola.

It added that these transactions would enable Puma Energy to reduce the size of the rights issue to raise US$500mil (K1.72bil) from rights already subscribed for by Trafigura and a small number of minority shareholders.

The rights issued were being implemented by way of a convertible instrument under which payment was made by subscribers on Wednesday, to Puma Energy and the shares would be allocated to subscribers following receipt of regulatory approvals.

Puma Energy chairman Rene Medori said the recapitalisation and strengthening of Puma’s balance sheet had been a key strategic aim, which would stabilise the company’s finances and underpin investment in its ambitious growth plans.

Trafigura’s executive chairman and chief executive officer Jeremy Weir said Trafigura was pleased to support the recapitalisation of Puma and the sale of its Angolan assets to its longstanding partner Sonangol.

“This is a further demonstration of our commitment to and confidence in Puma Energy and its future prospects.”

Meanwhile, Puma Energy PNG Ltd country manager and director Hulala Tokome told The National that there would be no impact to its PNG business or its customers as a result of the acquisition.


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