First Mutual Properties Limited has announced it is evaluating a possible delisting from the Zimbabwe Stock Exchange, adding to a steady retreat of counters from the local bourse.
In a cautionary statement, the company said it is “engaged in negotiations and/or evaluating a potential transaction to delist from the Zimbabwe Stock Exchange,” noting that the matter remains at a preliminary stage and subject to regulatory and shareholder approvals.
The property group holds a portfolio valued at approximately US$138 million as of November 2025, comprising 41 buildings with a total lettable area of more than 124,000 square metres across office, retail and commercial segments. Key assets include Arundel Office Park, Pearl House and First Mutual Park.
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Although the company has not publicly outlined its reasons, the proposed move comes against the backdrop of sustained structural weaknesses on the ZSE. Trading volumes have remained thin, price discovery constrained and many asset-heavy firms have traded at significant discounts to their underlying property valuations. In such conditions, maintaining a public listing can limit a company’s ability to reflect fair value or efficiently raise capital.
Originally listed in 2007 as Pearl Properties, FMP has been one of the established real estate counters on the exchange. Its potential exit would further reduce market depth at a time when the ZSE is already contending with reduced listings and limited new issuances.
The company said it will issue further announcements “as and when there are material developments” and advised shareholders to exercise caution when dealing in its securities pending a final determination.
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