Puma Energy, Trafigura and Sonangol announce transactions to recapitalize Puma Energy and transfer Puma’s Angolan business to Sonangol

• Puma Energy’s balance sheet recapitalized from US$500m Rights Issue and US$600m sale of Angolan assets to Sonangol
• Sonangol agreed the sale of its shares in Puma Energy to Trafigura
• Sonangol to acquire Puma Energy’s strategic assets in Angola, in exchange for the US$600m sale of its Puma Energy shareholding to Trafigura

16th April 2021 – Puma Energy Holdings Pte. Ltd, Trafigura PTE Ltd and Sonangol EP today announce the signing of a series of agreed transactions.

First, Trafigura has agreed to purchase from Sonangol its entire shareholding in Puma Energy for the sum of US$600m.

Second, Puma Energy has agreed the sale of its Angolan business and assets to Sonangol for the sum of US$600m. This includes 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.

Completion of these transactions are subject to regulatory approvals.

These transactions enable Puma Energy to reduce the size of the rights issue to raise US$500m from rights already subscribed for by Trafigura and a small number of minority shareholders. The rights issue is being implemented by way of a convertible instrument under which payment is made by subscribers on 21st April 2021 to Puma Energy and the shares will be allocated to subscribers following receipt of regulatory approvals.

The rights issue was approved at an Extraordinary General Meeting of the Company held on 18th February and was launched on 8th March 2021. Puma Energy will use the proceeds of the rights issue and sale of its Angolan business to repay its outstanding 2018 Term Loan Facility and to provide a sound financial basis to continue to accelerate its growth plans. Trafigura’s shareholding in Puma Energy is expected to increase to in excess of 90% as a natural consequence of the recapitalization.

René Médori, Chairman of Puma Energy said: “The recapitalization and strengthening of Puma Energy’s balance sheet has been a key strategic aim, which will stabilize the Company’s finances and underpin investment in our ambitious growth plans. Puma Energy’s values of customer focus, leading by example, collaboration and agility remain as relevant to success as ever. Today’s announcement means we can build on the foundations developed over the past few years and accelerate capital investment to capture the growth opportunities we have identified.

“Puma Energy has operated in Angola for many years. I would like to thank our employees and partners there for all of the hard work and commitment they have shown building a successful business serving communities across the country.”

Gaspar Martins, Chairman and CEO of Sonangol said: “The sale of Sonangol’s entire shareholding (31.78%) in Puma Energy and the acquisition of Puma Energy’s assets in Angola represents the achievement of a strategic objective for the company. Today’s news is important because the sale of Sonangol’s holding in Puma Energy has been achieved through a structure that avoids Sonangol’s participation in the recapitalization efforts in Puma, and represents a solid step towards delivering the company’s Privatization Programme, while acquiring a business with valuable assets to its core business.”

Jeremy Weir, Trafigura’s Executive Chairman and CEO, commented: “Trafigura is pleased to support the recapitalization of Puma Energy and the sale of Puma’s Angolan assets to our longstanding partner Sonangol. This is a further demonstration of our commitment to and confidence in Puma Energy and its future prospects.”

ENDS

For press queries, please contact:
FTI Consulting
Genevieve Ryan | Elizabeth Adams
Tel: +44 (0) 20 3727 1000
Email: pumaenergy@fticonsulting.com

About Puma Energy
Puma Energy is a leading global energy business with a customer-focused approach to safely providing energy solutions in 44 countries across six continents. Puma Energy has around 2,900 retail sites, a presence at over 80 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.

For further information, please visit: www.pumaenergy.com

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.

For further information, please visit: www.trafigura.com

About Sonangol

For further information, please visit: www.sonangol.co.ao