First Mutual Properties (FMP) plans to voluntarily delist from the Zimbabwe Stock Exchange (ZSE), marking a major shift for one of the country’s established property investment firms as it seeks greater flexibility outside public markets.
The company’s board is asking shareholders to approve the move at an Extraordinary General Meeting scheduled for 2 June 2026, while majority shareholder First Mutual Holdings (FMH) has simultaneously offered to buy out minority investors at US$0.033 per share.
In a circular issued Monday, FMP said the proposed delisting is intended to free the company from the costs and regulatory burdens of maintaining a public listing while opening the door to private placements, joint ventures and other financing structures better suited to long-term property development. The board argued that remaining on the exchange no longer aligns with the company’s strategic needs.
“The board has arrived at its considered view that a transition to a privately held company represents the most appropriate structure for FMP at this stage of its development,” FMP chairman Elisha Moyo told shareholders in his formal statement.
FMP said the offer gives minority shareholders a “fair and structured opportunity” to exit before the company leaves the bourse. FMHL, which already controls roughly 70.8 percent of FMP, is targeting the remaining free float, with Morgan & Co underwriting part of the transaction. Minority shareholders hold about 29.2 percent of issued shares.
The company cited chronic low liquidity on the ZSE as a central reason for the move. According to the circular, only about 0.27 percent and 0.20 percent of FMP’s issued share capital traded during 2024 and 2025 respectively, making it difficult for investors to efficiently buy or sell shares.
Directors also stressed that shareholders who decline the offer will remain invested in an unlisted public company, with over-the-counter trading mechanisms expected to be explored after delisting.
“The board wishes to assure you that the highest standards of corporate governance, financial reporting, and stakeholder communication will be maintained,” Moyo said, seeking to calm concerns over transparency after leaving the exchange.
If approved, trading in FMP shares on the ZSE will close on 23 June, the offer will shut on 24 June, and the company’s listing is expected to terminate on 1 July.