Econet Wireless Zimbabwe Limited has announced plans to voluntarily delist from the Zimbabwe Stock Exchange, citing persistent undervaluation of its shares and a strategic shift aimed at unlocking shareholder value through the separation and listing of its infrastructure assets.

In a further cautionary announcement issued to shareholders, the company said its board had resolved to pursue a voluntary delisting from the ZSE following years of trading at a steep discount to regional peers. 

Econet said its shares have been trading at between six and eight times enterprise value to EBITDA (EV/EBITDA), well below comparable African telecom operators.

“Further to the cautionary announcement dated 3 December 2025, shareholders are advised that the Board of Directors of Econet Wireless Zimbabwe Limited has resolved to pursue a voluntary delisting of the Company from the Official List of the Zimbabwe Stock Exchange,” the company said.

Econet attributed the valuation gap partly to the structure of its business, noting that most of its peers across Africa have already separated their tower and passive infrastructure assets, unlocking value that has not been fully recognised in Econet’s current structure.

The company said it will seek shareholder approval to delist in terms of Section 11.5 of the ZSE Listings Requirements. Before the delisting becomes effective, Econet plans to extend a voluntary exit offer to eligible shareholders who may not wish to remain invested in an unlisted entity.

“Prior to the delisting becoming effective, the Company will extend a voluntary Exit Offer to eligible shareholders, enabling them to realise value for their investment should they not wish to remain invested in an unlisted environment,” Econet said. 

The exit offer will be financed partly in cash and partly through shares in the group’s infrastructure subsidiary.

As part of its value-unlocking strategy, Econet has established Econet Infrastructure Company Limited (Econet InfraCo), which will hold the group’s real estate, towers and power assets. 

The move aligns with global best practice in the telecommunications sector, where mobile network operators separate passive infrastructure into dedicated entities.

“The creation of Econet InfraCo aligns with international best practice, whereby mobile network operators separate passive infrastructure into a dedicated infrastructure company,” the group said. 

“This approach enables clearer visibility of asset values, focused capital allocation, and a distinct operational strategy for infrastructure deployment and management.”

Econet said it will retain 70 percent of Econet InfraCo, while up to 30 percent of the shares will be allocated towards settling the exit offer for shareholders who elect not to remain invested following the delisting. The valuation of Econet InfraCo will be determined by an independent valuation expert to ensure fairness, transparency and regulatory compliance.

The company also announced plans to list Econet InfraCo on the Victoria Falls Stock Exchange by way of introduction. Econet said infrastructure assets represent a different class of investment, one that is better understood and valued in US dollar-based property and infrastructure markets such as the VFEX.

“Unlike the mobile network operator business in Zimbabwe, infrastructure assets represent a different class of investment, one that is better understood and valued within USD-based property and infrastructure markets,” the board said. 

It added that listed real estate and infrastructure companies typically trade at higher price-to-earnings multiples on the VFEX, making it a more appropriate platform to recognise the long-term value of Econet InfraCo.