07 July 2023

IHS Holding Ltd. is consulting with JPMorgan Chase & Co. for advice on an escalating standoff with its largest shareholders – MTN And Wendel SE - over how the African tower operator is run.

Shareholders representing about 48% of IHS shares submitted the proposals to bring its governance in line with best practice at US-listed companies and to improve market perceptions. Management fears that governance changes sought by MTN and Wendel could enable a hostile takeover.

The shareholder dispute comes as IHS shares have lost about 60% since the company’s 2021 initial public offering in New York.