Agro-industrial group TSL Limited and real estate firm First Mutual Properties (FMP) have exited the Zimbabwe Stock Exchange (ZSE) effective Thursday, with both firms raising undervaluation concerns.
TSL – migrating to the Victoria Falls Stock Exchange – reasoned that its shares were fundamentally undervalued on the Zimbabwe Stock Exchange, given that more than 97 percent of its revenue and assets are denominated in US dollars.
Meanwhile, FMP cited the need to escape chronic stock undervaluation and transition into a private entity to gain greater operational and financial flexibility.
“The ZSE Limited hereby notifies the investing public of the voluntary termination of listing of TSL with effect from 2 July 2026,” ZSE group chief executive Justin Bgoni said.
“The shareholders of TSL met on 19 June 2026 and passed the resolution for the voluntary termination of its listing on the ZSE in accordance with Section 11 of the ZSE Listing Requirement,” he said.
Bgoni added: “As required by Section 64 (1) (a)(i) of the Securities and Exchange Act [Cap24.25], the ZSE sought and was granted permission by the Securities and Exchange Commission of Zimbabwe (SecZim) to delist TSL from the ZSE’s official list.”
FMP said “…the company has satisfied all regulatory requirements for the voluntary termination of its listing on the Zimbabwe Stock Exchange (“ZSE”). Accordingly, the effective date of delisting will be Thursday, 2 July 2026.”
Bgoni said: “…the ZSE sought and was granted permission by SECZim to delist FMP from the ZSE’s official list. In terms of Section 15 (d) of the ZSE Listing Requirements, holders of FMP securities are hereby advised that the securities can no longer be traded on the ZSE.”