Activist Investor Blackwells Joins Calls for Reform of IHS Board

Activist investor Blackwells Capital LLC joined IHS Holding Ltd.’s two biggest shareholders to demand the African tower operator reforms its board, in the latest escalation of a standoff over how the company is run.

“Genuinely independent directors” are needed to improve IHS’s performance after it lost 60% of its value since going public in 2021, Blackwells Chief Investment Officer Jason Aintabi wrote in a letter sent on Wednesday to IHS board members.

A spokesperson for IHS declined to comment. The Wall Street Journal previously reported the letter.