Trafigura's Puma Energy to Restructure, Sell Assets

Puma Energy, the retail and storage arm of commodities trader Trafigura, plans to restructure and sell assets to cut its debt and improve profits, a source familiar with the matter said, Reuters reported. Puma has hired consulting firm McKinsey under new chief executive Emma Fitzgerald who took over last month from Pierre Eladari, who had overseen rapid expansion, the source said. Although its full-year 2018 results have not been finalised, Puma expects a small net loss or profit, the source added. Geneva-based Trafigura, which owns about 49 percent of Puma, has had to put plans to list Puma on hold after a change of government in Angola complicated reducing the country’s stake, coupled with weaker profits and a high debt profile. Angola’s state oil firm and Cochan Holdings, which is run by a former Angolan general, hold the rest of Puma. A spokesman for Puma declined to comment, while a spokeswoman for McKinsey also declined to comment. Read more