Global commodities trader Trafigura is in advanced talks to buy more than 10% of an Angolan general’s stake in its fuel retail arm Puma Energy by the end of the year, sources familiar with the matter said.
Retired general Leopoldino Fragoso do Nascimento, known as General Dino, holds a 15% stake in Puma via his company Cochan Holdings. Trafigura holds 49% and Angola’s state firm Sonangol 28%.
Puma’s shareholding structure was put together under Trafigura’s former CEO and founder Claude Dauphin, who was close to the former ruling Angolan elite.
However, the Swiss firm’s hopes of listing Puma hit compliance hurdles owing to the general’s presence as a significant stakeholder.