BREAKING: IHS Holding’s African Empire Under Siege as Company Considers Ditching Rwanda and Zambia
In a shocking move, New York-listed telecommunications giant IHS Holding is secretly plotting to abandon its operations in Rwanda and Zambia, according to sources close to the matter. The company, which operates 40,000 towers across Africa, Latin America, and the Middle East, is allegedly seeking to offload its assets in the two countries to pay off debts.
But why is IHS fleeing Rwanda and Zambia? Sources suggest that the company’s revenue has taken a massive hit due to the devaluation of the naira in Nigeria, its largest market. The currency has plummeted over 70% since President Bola Tinubu took office, leaving IHS reeling.
The move is seen as a desperate attempt by IHS to stay afloat in a market that has turned hostile. "Deliberations are at an early stage, and IHS could decide to keep the assets for longer," said an anonymous source. But insiders claim that the company’s fortunes are dwindling fast, and a sale is all but inevitable.
IHS has been working with financial advisors, including JPMorgan Chase & Co, to evaluate strategic alternatives for its business. But the company’s attempts to raise capital have been met with skepticism, with shares plummeting over 80% since its listing in New York in 2021.
As IHS Holding’s African empire crumbles, questions are being raised about the company’s commitment to the continent. Will IHS truly abandon its operations in Rwanda and Zambia, or is this just a ploy to placate investors and boost its flagging stock? One thing is certain: the telecommunications industry will be watching this drama unfold with bated breath.
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