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Press release

Puma Energy completes recapitalisation and consolidation into Trafigura

Published on30 Sep 2021

Singapore, 30th September 2021 - Trafigura Group Pte Ltd (“Trafigura”) and Puma Energy today 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.”




For further information please contact:
Trafigura’s Global Press Office: +41 (0) 22 592 45 28 or
Puma Energy Press Office, Matt Willey: +44 7765 000 5298


About Puma Energy 
Puma Energy is a leading global energy business, safely providing energy solutions in 44 countries and across six continents. Puma Energy has around 2,500 retail sites, a presence at over 100 airports and a network of storage terminals. Our purpose is energising communities to help drive growth and prosperity by sustainably serving our customers’ needs in high potential countries around the world. 

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About Trafigura
Founded in 1993, Trafigura is one of the largest physical commodities trading groups in the world. Trafigura sources, stores, transports and delivers a range of raw materials (including oil and refined products and metals and minerals) to clients around the world and has recently established a power and renewables trading division.


The trading business is supported by industrial and financial assets, including a majority ownership of global zinc and lead producer Nyrstar which has mining, smelting and other operations located in Europe, Americas and Australia; a significant shareholding in global oil products storage and distribution company Puma Energy; global terminals, warehousing and logistics operator Impala Terminals; Trafigura’s Mining Group; and Galena Asset Management.


With circa 850 shareholders, Trafigura is owned by its employees. Over 8,500 employees work in 48 countries around the world. Trafigura has achieved substantial growth over recent years, growing revenue from USD12 billion in 2003 to USD147 billion in 2020. The Group has been connecting its customers to the global economy for more than two decades, growing prosperity by advancing trade.

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