Trafigura divests stakes in African unit Puma for USD500 million
Dutch trading company Trafigura Beheer BV sold a USD500 million stake in Puma Energy to Angolan companies. Trafigura aborted its earlier plan to raise cash through a share sale.
The multinational commodity trading firm sold its holding in the African unit to Angolan state-run energy corporation Sonangol and private firm Cochan Ltd. Trafigura reduced its stake in Puma to 49%, a report by Reuters said.
Puma is the holding company for most of Trafigura's oil logistical assets.
In a statement, Trafigura said it expects Puma to be eventually deconsolidated from the Group's balance sheet.
According to Reuters, Trafigura's net profit fell from USD900 million in the first nine months of 2012 to USD607 million in the same period this year. The base metals and energy company attributed the profit decline to increasing general and administrative costs.
Trafigura has invested hundreds of millions of dollars into acquiring mid-stream oil assets for Puma, which is one of the largest retail companies in Africa. The continent has been the biggest revenue generator for Trafigura in the past years, the report said.
Trafigura said that its nine month-turnover rose to USD99 million from USD92 billion, Reuters reported.