ECONET Wireless Zimbabwe says its infrastructure subsidiary, Econet InfraCo, is on track to list on the Victoria Falls Stock Exchange (VFEX) on 31 March 2026, following the completion of a shareholder exit offer linked to the company’s departure from the Zimbabwe Stock Exchange (ZSE).
The telecommunications giant said the exit offer closed on 9 March, with shareholders tendering 143.18 million shares, representing about 4.8 percent of Econet’s total issued share capital.
Shareholders who accepted the offer will receive US$0.17 in cash and one Econet InfraCo share for every Econet share surrendered. In total, the company will pay out about US$24.34 million in cash, while issuing InfraCo shares worth approximately US$47.25 million to participating investors.
Econet said the shares tendered under the offer will be cancelled once payments are completed. This will reduce the number of Econet shares in circulation, meaning the remaining shareholders will automatically hold a slightly larger percentage stake in the company.
InfraCo is the group’s infrastructure unit and will house Econet’s passive network assets, including telecommunications towers and related infrastructure used to support mobile services.
At present, Econet owns all of InfraCo. However, ahead of the listing, the infrastructure company will issue additional shares valued at about US$940 million to Econet. After the restructuring, Econet will hold about 95.2 percent of InfraCo, while shareholders who accepted the exit offer will collectively own the remaining 4.8 percent.
The InfraCo shares allocated to exiting shareholders will be issued before the planned listing, subject to regulatory approvals and admission to the VFEX. Foreign investors will also need exchange control clearance before their shareholdings can be finalised.
The company also indicated that it may distribute additional InfraCo shares to remaining shareholders through a dividend in specie in order to meet the VFEX’s minimum free float requirements, the portion of shares that must be available for public trading.
In the meantime, Econet has declared a cash dividend for shareholders who remained invested in the company. The last day to trade shares with the dividend is 18 March, with shares trading ex-dividend from 19 March. Shareholders on the register by 20 March will receive the payment, which is expected around 25 March.
The developments follow an overwhelming shareholder vote in favour of Econet’s voluntary delisting from the ZSE at an extraordinary general meeting in Harare.
More than 95 percent of minority shareholders supported the move, which the company says is aimed at addressing what it considers a persistent undervaluation of its shares on the local exchange.
The separation and listing of InfraCo also mirrors a growing trend across Africa, where telecom companies are spinning off tower infrastructure businesses to unlock value and attract investors focused on network infrastructure.