Emma Okonji with agency report
MTN Group Limited’s biggest shareholder is pushing for changes at the board level to avoid the regulatory, legal and political disputes that have cut its share price by more than half over the past four years.
The Public Investment Corporation built a 26 per cent stake in Johannesburg-based MTN by late November and used that to call for the replacement of MTN Group’s Chairman, Phuthuma Nhleko, people familiar with the matter, have said.
According to Bloomberg report, Africa’s biggest fund manager, which is South African state-owned, also sent a letter to MTN demanding a board reorganisation, which resulted in the appointment of more politically-connected directors.
Last month, the carrier obliged, announcing Nhleko’s planned departure and replacement, along with…
