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MTN in fight with company that owns 5,701 of its towers

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MTN has levelled serious allegations at the IHS Towers board of directors.

MTN has accused IHS Towers of wilfully breaching its shareholders’ agreement, blocking a proposal to increase the African telecommunications giant’s voting powers in line with its shareholding.MTN, in turn, owns 26% of IHS Towers through its subsidiary Mobile Telephone Networks B.V.

“MTN has been engaged in discussions with IHS regarding corporate governance matters since prior to its IPO,” the company stated. “In view of IHS’ consistent share price underperformance since listing, MTN has not been able to dispose of the non-voting proportion of its shares and remains unable to vote all of its shares,” MTN said.

“Under the shareholders’ agreement and its articles, IHS was required to include the proposal on the agenda for the AGM, notify all other shareholders of the proposal and allow shareholders to vote on the proposal at the AGM,” said MTN

 

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