Singapore, 2 March 2020 - Puma Energy Holdings Pte Ltd (“Puma Energy” or the “Company”) today announces it has agreed, subject to receipt of regulatory approvals, to a shareholding restructuring transaction with Trafigura Pte Ltd (“Trafigura”) and Cochan Holdings (“Cochan”); the result of which will be that Cochan is no longer a significant shareholder, with Cochan’s shareholding reduced to less than 5 percent. 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.
This announcement contains inside information under Article 17 of Regulation (EU) 596/2014 (16 April 2014).
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 customer-focused 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.”
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About Puma Energy
Puma Energy is a leading global energy business with a customer-focused approach to safely providing energy solutions in 46 countries across six continents. Puma Energy has around 3,000 retail sites, a presence at over 80 airports and a network of 100 storage terminals. Our purpose is to energise communities to help drive growth and prosperity by sustainably serving our customers’ needs in high potential countries around the world.
For further information visit: www.pumaenergy.com
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Some of the information included in this announcement contain forward-looking statements. You can identify these forward-looking statements by use of words such as “strategy,” “expects,” “continues,” “plans,” “anticipates,” “believes,” “will,” “estimates,” “intends,” “projects,” “goals,” “objectives,” “guidance,” “targets,” “forecasts” or “could”, the negative of such terms and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts. Although Puma Energy believes that the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. The matters discussed in these forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results and trends to differ materially from those made, projected, or implied in or by the forward-looking statements depending on a variety of uncertainties or other factors. Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of Puma Energy or any of its directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this announcement. Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of Puma Energy or any of its directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this announcement.