IHS Holdings, the Nigerian-based telecommunication infrastructure provider has said it is focused on acting in the best interests of all shareholders.

The statement which the company sent to BusinessDay, is in response to several calls by angry shareholders for the urgent reform of the company’s board of directors and corporate governance.

MTN Group, Wendel SE, and Blackwells Capital are leading the onslaught against the company.

“We note the recent comments made by certain of our shareholders and we continue engaging in shareholder dialogue,” the company said.

MTN Group (26%) and Wendel SE (19%), both of which account for a 45 percent share of the company, want an overhaul of the corporate governance of IHS, as well as address the voting rights of MTN capped at 20 percent.

Read also: Blackwells joins MTN, others to pressure IHS for reform

On Wednesday, Blackwells released a letter it issued to the board of directors of IHS demanding reforms in the board. It has recommended that shareholders with as much as 10 percent should be able to have a say on the board. It also accused IHS of a lack of transparency and warned it would utilize every means to bring about the reforms.

“The IHS Towers management team and Board of Directors have a continued track record of engaging with shareholders, listening carefully to their views, and are focused on acting in the best interests of all shareholders,” IHS said.

IHS Holdings is listed on the New York Stock Exchange (NYSE). The share price rose by 2.05 percent to trade at $9.97 on Wednesday and closed at $9.77. It is still a long way from the $21 it opened when it was listed on the NYSE about a year ago.

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