Finance

JOHANNESBURG (Capital Markets in Africa) – MTN Group Ltd.’s sale of its Cyprus unit is just the start of a broader exit from small or problematic markets, with the Liberian unit leading a number of West African divisions being considered for disposal, according to people familiar with the matter. Africa’s largest mobile-phone company by subscribers sees the Liberia, Guinea and Guinea-Bissau businesses as ones it could do without, said two of the people, who asked…

ABIDJAN (Capital Markets in Africa) – When Ivory Coast put out a tender to build a bridge over the lagoon in its commercial hub of Abidjan, 10 out of the 18 companies that expressed interest were either Chinese firms or in partnership with them. China State Construction Engineering Corp. won the contract in May. The 109 billion CFA francs ($191 million) deal highlighted China’s growing muscle in a part of Africa that until recently its…

JOHANNESBURG (Capital Markets in Africa) – Lundin Mining Corp.’s effort to acquire Nevsun Resources Ltd.went hostile with a plan to make a C$1.4 billion ($1.1 billion) all-cash offer for the owner of the prized Timok copper-gold deposit in Serbia after its previous attempts were spurned. Lundin said Monday in a statement it will offer C$4.75 a share, representing a premium of about 13 percent to Monday’s closing price. The Toronto-based miner controlled by Swedish-Canadian billionaire Lukas Lundin intends to commence…

LUANDA (Capital Markets in Africa) – A company with ties to Africa’s richest woman, Isabel dos Santos, is threatening to seek compensation from the Angolan government after losing concession rights to build a $1.5 billion port near the capital, Luanda. The decision to withdraw the contract to build and operate the Barra do Dande port appears to be yet another step by President Joao Lourenco to ease the grip of his predecessor’s family on the nation’s economy. Lourenco…

DAR ES SALAAM (Capital Markets in Africa) – ARM Cement Ltd. will convert 21.6 billion shillings ($208 million) owed by its Tanzanian unit into equity, Chief Executive OfficerPradeep Paunrana said. The Nairobi-listed company guaranteed Maweni Limestone Ltd.’s debt, including facilities amounting to 5 billion shillings loaned by the Trade and Development Bank, Development Bank of Southern Africa Ltd. and the East African Development Bank. ARM’s auditors raised concerns over the loan because the company had not…