First Mutual Properties to Go Private in Voluntary Delisting Bid

First Mutual Properties Limited (FMP) has announced plans to delist from the Zimbabwe Stock Exchange (ZSE) effective July 1, 2026, offering minority shareholders an exit opportunity at US$0.033 per share. The move, supported by majority shareholder First Mutual Holdings Limited (FMHL), aims to give FMP greater flexibility to raise capital and focus on long-term growth.

The delisting proposal, to be voted on at an Extraordinary General Meeting on June 2, 2026, will allow FMP to pursue private placements, asset-level funding, and joint ventures without ZSE listing constraints. The company will also benefit from reduced listing fees and enhanced tax planning opportunities.

Minority shareholders can exit via FMHL’s offer, underwritten by Morgan & Co, ensuring liquidity for those wishing to dispose of their shares. The offer is open from June 3 to June 24, 2026.

The FMP board recommends shareholders support the delisting resolution, citing benefits including fair value for shares, relief from low liquidity, and a clear exit mechanism. Shareholders remaining invested will enjoy enhanced corporate governance and long-term value focus.

John Tanyanyiwa

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