Finance

JOHANNESBURG (Capital Markets in Africa) – Hudbay Minerals Inc.’s second-largest investor is seeking to oust the Toronto miner’s chief executive officer and replace most of its board. Waterton Global Resource Management will nominate eight new directors at Hudbay’s upcoming annual meeting with a slate that includes former mining executive Peter Kukielski and financial services industry veteran Richard Nesbitt, according to a letter to shareholders Wednesday. Waterton, which owns about 12 percent of Hudbay, will propose that Kukielski be named…

KAMPALA (Capital Markets in Africa) – Uganda National Oil Co. said it needs $779.4 million over the next four years for revenue-generating projects such as a refinery, export crude pipeline and a storage terminal, as the country plans for crude production early in the next decade. Government-owned UNOC is seeking funding in tranches, including $106.6 million in fiscal year 2019-2020, with the remainder to be allocated by 2023, according to a budget proposal for the Kampala-based company,…

CAIRO (Capital Markets in Africa) – Talks are in progress to build a new underwater gas pipeline between Israel and Egypt, part of efforts to transform the eastern Mediterranean into an energy export hub on Europe’s doorstep, Israeli Energy Minister Yuval Steinitz said. Israeli gas stocks rose. Construction could begin as early as next year on the pipe to transport gas from Israel’s offshore Leviathan and Tamar fields to Egypt’s existing liquefied natural gas plants for processing…

LAGOS (Capital Markets in Africa) – Cerba HealthCare SAS, the French owner of a global network of medical laboratories, is expanding in Africa by buying some of Lancet Laboratories’ operations for as much as 12.5 billion Kenyan shillings ($123 million), said a person familiar with the matter. Paris-based Cerba will hold a 51 percent stake in a joint venture with the South African company that will operate in 11 African countries, said the person who…