News wire — Cochan Holdings has ceased to be a shareholder of Puma Energy Holdings, the fuel retailer said on Tuesday, weeks after the investment vehicle founded by former Angolan General Dino was added to a U.S. sanctions list.
The U.S. Treasury Department on Dec. 9 added Leopoldino Fragoso do Nascimento, known as General Dino, and his companies to its specially designated nationals list. Individuals on the list have their assets blocked and U.S. persons are generally prohibited from dealing with them.
Cochan had a 3% stake in Puma Energy, global commodity trader Trafigura’s (TRAFGF.UL) fuel retail and downstream arm. With this exit, Trafigura now owns 96.6% of shares in Puma Energy.
Puma Energy, which traces its roots to Argentina, has been loss-making since 2018. After a decade of rapid expansion, the firm has been selling assets including its once highly profitable Australian business.
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