Econet shareholders approve ZSE exit and InfraCo restructuring

STAFF WRITER
Minority shareholders of Econet Wireless Zimbabwe Limited, both institutional and retail, have voted overwhelmingly to approve the group’s voluntary delisting from the Zimbabwe Stock Exchange (ZSE), with all resolutions attracting over 95 percent support at an Extraordinary General Meeting held in Harare.
The special resolution to delist and migrate to an Over-the-Counter (OTC) trading platform was approved by 95 percent of minority votes, with the majority shareholder voluntarily electing to be recused from this vote.Shareholders approved the Exit Offer at 96.6 percent, entitling investors to US$0.50 per share – comprising US$0.17 in cash and US$0.33 through the issuance of one Econet InfraCo ordinary share per Econet share tendered.
Two other resolutions relating to amendments to the Articles of Association and authority granted to directors to implement the transaction, each received 97.3 percent approval.