Puma Energy has waved goodbye to another Australian asset; its stake in APN Convenience Retail REIT (AQR).
The fuel retailer and supplier took its 6.08 per cent stake in AQR to market on Thursday morning, with the help of Moelis Australia’s equities desk.
The 6.67 million shares were on offer at $3.30 each and the stock crossed the market at 9.57am. AQR’s shares closed on Wednesday at $3.57.
Entities associate with the REIT’s manager, APN Property Group, were allocated more than half of the up-for-sale shares, increasing APN’s stake in AQR by 3.7 per cent to total 17.3 per cent.
News of the sell-down comes amid a big shake-up for Puma Energy’s operations Down Under.
Puma’s owner, commodities trader Trafigura, put its Australian business up for sale last year with the help of Bank of America Merrill Lynch.
The business was bought by Chevron for $425 million, only four years after it exited the local market when it solds its half-share of Caltex for $4.6 billion – and that deal was due to complete mid this year.
Puma has a network of 270 petrol retail sites, 20 depots and three bulk seaboard terminals across Australia.
For Moelis, the trade came barely one week after it helped APN Convenience Retail REIT raise $50 million in a placement at $3.20 a share.
Extracted from AFR