MTN Affiliate IHS Settles ShareholderGovernance Dispute

Africa-focused cellular tower operator IHS Holding and its second largest shareholder, Wendel, said on Tuesday that they have reached an agreement on corporate governance matters, including lowering the ownership threshold for investors to nominate directors.

IHS is embroiled in a shareholder dispute with mobile operator MTN Group, its largest shareholder with a 26% stake, along with the French financial investor Wendel and activist investor Blackwells Capital over governance issues.

According to earlier reporting by Business Day, matters escalated when Wendel filed a case with the grand court of the Cayman Islands that sought to force a vote at IHS around governance proposals after the board failed to put them forward at its June shareholders’ meeting.