LONDON Dec 16 Commodity trader Trafigura is working on plans for a listing on the London Stock Exchange of its Puma Energy subsidiary, The Sunday Times reported, citing Puma's chief executive.
The newspaper quoted Pierre Eladari, Puma's CEO, as saying the business could float in the new year with the proceeds used to fund Puma's expansion drive.
The Sunday Times said Eladari did not comment on the potential size of the offering but cited bankers as saying the float could value the company, which is 65 percent owned by Trafigura, at 3 billion pounds ($4.8 billion).
It said Puma, which owns petrol stations, ports and refineries in 34 countries in the developing world, is yet to hire banks to handle the offering.
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With the Nifty breaching 8,500, sentiments are again bullish. But markets have been in the 8,200-8,600 range for some time and stocks across the board do not give the required confidence except for the liquidity factor. Many frontline stocks are not participating on the upside and the core sector is in a downtrend, writes Ambareesh Baliga. Column