IHS Holding Ltd. is consulting with JPMorgan Chase & Co. for advice regarding an escalating standoff with its largest shareholders over how the African tower operator is run, according to people familiar with the matter.
“Members of the IHS board and management team seem to be portraying these uncontroversial governance-oriented proposals as a takeover effort by a small number of shareholders,” Wendel said in the statement. “That’s disingenuous and an attempt at misdirection.”MTN accused IHS TowersMTN explained that even though it holds 26% of IHS’s shares, its voting power is capped at 20%. MTN is the tower company’s biggest shareholder.
“Accordingly — in order to effect the aforementioned alignment of economic and voting rights — MTN submitted a governance proposal, prior to IHS’ 2023 AGM, that was to be considered by all shareholders at the AGM.”According to the IHS Towers website, its ten-person board includes CEO and chairman Sam Darwish, former MTN CEO Phuthuma Nhleko, and former Florida governor and U.S. Presidential hopeful Jeb Bush.
The shareholder dispute comes as IHS shares have lost about 60% since the company’s 2021 initial public offering in New York. Tower firms in Africa are facing demands for major investment in their networks as broadband and smartphone use surges on the continent.
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