Puma Energy CEO Emma FitzGerald steps down following stake sale

Emma FitzGerald will step down as CEO of Puma Energy, effective immediately, following Trafigura’s purchase of Sonangol’s entire shareholding in Puma Energy for USD600 million. 

Puma Energy is a leading global energy business, 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. 

The Board of Puma Energy has appointed Andrew Kemp, CFO of Puma Energy, as interim CEO to lead the business. He will work closely with the Puma Energy Board and Puma Energy Executive Committee to continue to deliver Puma Energy’s strategy and sustainable growth plan.

“Emma has led Puma Energy through a very challenging period for the business over the last two years where she has stabilised business performance and simplified Puma Energy’s global portfolio, including transitioning the business to a more focused operating model during the global pandemic. She and her team have also made material progress in executing a customer-led strategy to drive medium-term growth despite the impact of Covid-19. I would like to thank Emma for her leadership in these unprecedented times and wish her well for the future,” said René Médori, non-executive chairman of Puma Energy.

In a series of agreed transactions on 16 April 2021, Puma Energy also has agreed to sell its Angolan business and assets to Sonangol for the sum of USD600 million. 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.

These transactions enable Puma Energy to reduce the size of the rights issue to raise USD500 million from rights already subscribed for by Trafigura and a small number of minority shareholders. The rights issue is being implemented through a convertible instrument under which payment is made by subscribers on 21 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 Puma Energy held on 18 February 2021 and was launched on 8 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 speed up its growth plans. Trafigura’s shareholding in Puma Energy is expected to increase to over 90% as a natural consequence of the recapitalization. 

“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,” said Gaspar Martins, chairman and CEO of Sonangol.

Trafigura, currently Puma Energy’s largest shareholder and one of the world’s largest physical commodities trading groups, will increase its stake in Puma Energy to more than 90%, subject to completion of applicable regulatory approvals.