"Puma Energy Holdings announces that it has agreed, subject to regulatory approval, to restructure the shareholder structure with Trafigura and Cochan Holdings; the result will be that Cochan will cease to be a significant shareholder, with Cochan's shareholder participation be reduced [from 15 percent] to less than 5 percent", reads the statement released by the energy distributor.
"The transaction will be implemented through a repurchase operation of Trafigura's shares, which follows an equivalent purchase by Trafigura of the Puma shares held by Cochan Holdings", held by the general, and financed by Trafigura through a loan with a duration seven years, is added in the document.
"Puma Energy is building a young platform to enable us to take advantage of the dynamics of opportunities in a rapidly changing energy landscape in the markets in which we operate", commented Puma Energy President Emma FitzGerald, cited in the statement.
"With the continuous support of our shareholders, the company is confident in its ability to develop a business focused on the consumer and capable of guaranteeing a sustained profit growth and making a real contribution to the energy transition in the communities it serves", he adds in the text.
Cochan Holdings is owned by Leopoldino Fragoso do Nascimento, known as 'general Dino', who was a close advisor to the former President of the Republic, José Eduardo dos Santos.
According to the financial information agency Bloomberg, the deal is valued at 400 million dollars, about 360 million euros, and allows Trafigura to hold 49 percent of the shares of Puma, which is undergoing restructuring, by selling assets and cutting costs in the context of negative financial results.
According to Bloomberg, "this complex business will also reduce the potentially embarrassing link to General Dino, and improve the relationship with the banks and possibly bring the company back to the stock market".
Trafigura has a longstanding connection to Angola, where it had almost a monopoly on fuel imports into the country through the DTS Group, together with Cochan, owned by General 'Dino', and where he won, in May last year, the tender to supply diesel to the Navy.