IHS shareholders green light MTN transaction
JSE-listed MTN Group has secured IHS shareholder approval to acquire the remaining shares it did not own in the tower company.
In February, JSE-listed MTN Group announced plans to increase its 24.7% shareholding in IHS to 100%.
During an IHS extraordinary general meeting on Tuesday, shareholders, through a special resolution, approved the transaction as per the requisite two-thirds majority.
This fulfils one of the conditions precedent to the transaction, MTN Group said in an update posted to shareholders on the JSE’s Stock Exchange News Service.
“The approval by IHS shareholders is an important step toward completion of the transaction,” said MTN Group president and CEO Ralph Mupita.
“Within our Ambition 2030, the three-platform strategy, towers are a critical value-creation driver that will strengthen MTN's strategic and financial position for the future, in a world where digital infrastructure and AI are becoming increasingly essential to Africa's growth and development.”
The transaction remains subject to obtaining the necessary regulatory approvals, which are ongoing.
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