MTN Group has asked the IHS board to call an extraordinary general meeting of its shareholders.
It said, “The proposal was intended to protect important shareholder rights and to better align IHS’ corporate governance with other publicly traded companies.
“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. “However, MTN strongly believes that IHS has willfully breached the Shareholders’ Agreement and Articles by failing to notify its shareholders of the proposal and denying its shareholders the opportunity to vote on it at the AGM.”
However, a news report on news24.com, stated that IHS had determined that the recent shareholder proposal from MTN was “not in the best interests of IHS Towers as a whole or our collective shareholder base.” In the report, IHS said, “MTN does not have the right to call an extraordinary general meeting under our articles or shareholder agreement. IHS Towers remains focused on increasing shareholder value and will continue to engage with MTN as we do with all our shareholders.”All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
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