The trader on Thursday said it has sold a 20 per cent stake in Puma Energy, its petroleum terminals and storage business, to Sonangol Holdings, a subsidiary of Angola’s state-owned oil company. The parties did not disclose financial details.
“The sale is a step to prepare the company for a listing in the future,” Pierre Eladari, Puma Energy’s chief executive, told the Financial Times in an interview.
It seems that Puma may have an incentive to do the following:
- Puma makes an Offer to swap KK shares for Puma shares in the future.
- Keep the listing 'live' [even if suspended] in Kenya until the Puma IPO is complete.
- The KK shares are then 'converted' to Puma shares and trade on the NSE [as well as being fungible & traded on other exchanges e.g. Angola [when it finally goes live], in Asia [HK or Singapore] or London.
Puma Energy has not completed a Takeover/Buyout of Minority S/holders of (former) BP Zambia for almost 2 years. Is the final endgame a cross-listing of Puma shares in multiple countries?
Puma/KK does business in the following countries with Stock Exchanges:
- Kenya (KK's Primary Listing)
- Zambia (Puma Energy Zambia's Primary Listing)
If Puma Energy offers KK's shareholders the option of swapping into Puma's shares, it might soothe a few nerves since not all minority shareholders (or so it seems) want out of KK. Some shareholders are very protective of & loyal to KK as well.