Minority shareholders of Econet Wireless Zimbabwe (ZSE: ECO)
have voted to delist the country's largest mobile communications
group from the Zimbabwe Stock Exchange, NewsDay
reports.
Econet management and the board proposed the exit, saying the
local-currency-denominated bourse did not accurately value the
group.
Following the group’s delisting, it will list its infrastructure
and real estate unit Econet InfraCo on the US dollar-based Victoria
Falls Stock Exchange (VFEX), the southern African nation’s second
equities market.
NewsDay wrote that the delisting resolution received
95% support at the extraordinary general meeting in Harare, the
capital, on February 26, at which the majority shareholder did not
vote after recusing itself.
They also approved the exit offer with 96.6% support, entitling
investors to $0.50 per share—comprising $0.17 in cash and $0.33
through the issuance of one Econet InfraCo ordinary share for each
Econet share tendered.
Two additional resolutions, NewsDay wrote, relating to
amendments to the Articles of Association and the authority granted
to directors to implement the transaction, each received 97.3%
approval.
The vote ended Econet’s 26-year tenure on the ZSE.
Addressing shareholders after the vote, the firm’s founder,
billionaire Strive Masiyiwa, said the group intends to launch a
$3bn expansion anchored on artificial intelligence, data
infrastructure and real estate development, The Zimbabwe
Mail wrote on February 26.
Explaining the rationale for the group’s ZSE exit, Masiyiwa said
that at the time the board signalled it was considering delisting,
the company’s shares were trading at approximately $0.08
each, implying a market capitalisation of about $239mn, yet its
annual revenues exceed $900mn in stronger years.
“And you say we shouldn’t intervene?” he asked.
© 2026 bne IntelliNews, source Magazine
