FMP delists from ZSE

STAFF WRITER
First Mutual Properties Limited (FMP) has officially delisted from the Zimbabwe Stock Exchange (ZSE), ending its long-standing presence on the local bourse after shareholders approved a move to take the property group private.
The voluntary delisting, which took effect on Wednesday, follows a unanimous decision by majority shareholders to exit the exchange after determining that the costs and regulatory obligations associated with maintaining a public listing were no longer aligned with the company’s strategic direction.
ZSE chief executive officer Justin Bgoni confirmed that the delisting had been approved following regulatory clearance.
“The ZSE hereby notifies the investing public of the voluntary termination of listing of First Mutual Properties Limited (FMP) with effect from July 2, 2026. As required by Section 64(1)(a)(i) of the Securities and Exchange Act [Cap 24:25], the ZSE sought and was granted permission by the Securities and Exchange Commission of Zimbabwe (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 with effect from July 2, 2026,” Bgoni said.
Shareholders approved the voluntary termination of FMP’s listing at an extraordinary general meeting held on June 2, 2026, in accordance with Section 11 of the ZSE Listing Requirements.
As part of the transaction, the company’s majority shareholder, First Mutual Holdings Limited (FMHL), extended a cash exit offer to minority shareholders.
FMP said the decision followed a comprehensive review of the group’s capital structure and operating environment, while acknowledging the important role the Zimbabwe Stock Exchange had played in the company’s growth over the years.
The board concluded that transitioning to a privately held company represented the most appropriate ownership structure at the current stage of the business’s development.
It noted that as the company matured, the administrative and financial costs associated with remaining publicly listed had become increasingly difficult to justify, particularly in the absence of immediate plans to raise capital from public markets.
According to the board, operating as a private company will provide greater flexibility in executing strategic decisions and engaging long-term capital partners whose investment horizons are better aligned with the nature of property investments.
The exit offer values minority shareholders’ holdings at US$0.033 per share and is aimed at acquiring the outstanding 29.20% stake in FMP not already owned by FMHL.
The offer, which was approved by shareholders at the June 2 extraordinary general meeting, provides minority investors with an opportunity to exit their investment for cash.