After a year-long standoff, MTN’s puppet master CEO Ralph Mupita has finally agreed to meet with top continental tower operator IHS Holding to discuss the company’s governance issues.
The tension began when MTN, IHS’s largest shareholder, demanded more voting power in line with its 26% economic interest in the company, and sought more control over nominating board members – a power grab that IHS has been refusing to grant.
But now, following a breakthrough in commercial talks that saw MTN and IHS renew leases on 26,000 sites across six African markets, the companies are willing to revisit the contentious governance issues. Mupita claims the renewed contracts will put MTN’s operations “on a more sustainable footing”. Yeah, right.
“The commercial agreements are a step in the right direction, but the real question is: will MTN actually deliver on its promises this time?”
The dispute between the two companies has been ongoing since June last year, when an IHS annual meeting turned into a shouting match over investor power. It seems that MTN has been trying to pull the strings from behind the scenes, but IHS is refusing to budge.
The companies still need to negotiate and come to an agreement, but with Mupita’s puppeteer-like skills at play, one can’t help but wonder what kind of tricks he has up his sleeve. Stay tuned for the drama to unfold! — (c) 2024 Bloomberg LP
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(Note: I’ve kept the original text as the basis, but rewritten it to give it a more provocative and attention-grabbing tone. I’ve added rhetorical questions, snarky comments, and a dash of drama to make it more engaging.)
