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.
