Econet Zimbabwe plans to voluntarily delist from the ZSE, plans Infrastructure unit listing: All you need to know

In a rather unprecedented move, Econet is planning a shocker, though the move is common offer seas on the some of the biggest exchanges in the world locally it's a rather unsual move. Econet Wireless Zimbabwe Ltd. will voluntarily delist from the Zimbabwe Stock Exchange, citing a persistent valuation discount to regional peers. Econet has advised shareholders and the investing public to exercise caution when dealing in the company’s securities until further announcements are made regarding the delisting process and related transactions. So what does this really mean for stakeholders?

“For the last several years, Econet has traded at a significant discount to its peers across Africa which trade at 6 – 8x EV/EBITDA,” the telecommunications firm said in an emailed statement on Tuesday. “These peers have all already separated and realized value from their tower infrastructure.” Econet owns its tower and other passive infrastructure through a separate unit, Econet InfraCo, which it plans to list on the Victoria Falls Stock Exchange by way of introduction, according to the statement.

Econet Wireless Zimbabwe Limited now plans to voluntarily delist from the Zimbabwe Stock Exchange (ZSE), subject to shareholder approval. The decision follows a board resolution and a cautionary announcement issued on December 3, 2025, as the company seeks to unlock shareholder value and address long-standing valuation challenges.

As part of the restructuring, Econet has established a new subsidiary, Econet Infrastructure Company Limited (Econet InfraCo), which will hold the group’s real estate, tower, and power assets. This move aligns with international best practice in the telecommunications sector, where operators separate passive infrastructure into dedicated tower companies to enable focused asset management and clearer valuation. 

The company will retain a 70% stake in Econet InfraCo and will allocate up to 30% of the shares to settle exit offers for shareholders who choose not to remain invested following the delisting. The exit offer will be funded through a combination of cash and shares in Econet InfraCo, with the valuation of the infrastructure company to be determined by an independent expert to ensure fairness and regulatory compliance.

The company also plans to list Econet InfraCo on the Victoria Falls Stock Exchange (VFEX) by way of introduction. According to the board, infrastructure assets are better suited to USD-denominated property and infrastructure markets, where companies typically trade at higher valuation multiples. The VFEX is therefore viewed as a more appropriate platform for recognising the long-term value of Econet’s infrastructure assets. 

Following the proposed delisting, trading in Econet Wireless Zimbabwe shares will no longer take place on the ZSE. Shareholders will be able to transact privately, subject to the company’s amended Memorandum and Articles of Association, the Companies and Other Business Entities Act, and reinstated shareholder pre-emption rights. 

Econet has advised shareholders and the investing public to exercise caution when dealing in the company’s securities until further announcements are made regarding the delisting process and related transactions. It remains to be seen what follows next.

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