PROPERTY developer, First Mutual Properties Limited (FMP) is evaluating a potential delisting from the Zimbabwe Stock Exchange (ZSE), with the company warning that ongoing negotiations could materially affect the price of its securities.
This comes amid a movement of less than 1% in its market capitalisation on the ZSE, year to date, to US$45,74 million as of Wednesday, suggesting a subdued investor response.
Between 2023 and 2025, FMP’s listed performance was volatile.
FMP’s market capitalisation rose to US$57,8 million in 2023 alongside a US$93,32 million profit, climbing further to US$59,11 million in 2024 despite a fair value-driven loss, before retreating to US$39,36 million in 2025.
“The board of directors of First Mutual Properties Limited wishes to advise shareholders and the investing public that the company is currently engaged in negotiations and/or evaluating a potential transaction to delist from the Zimbabwe Stock Exchange, the outcome of which may have an effect on the price of the company’s securities,” FMP said in a statement.
“The transaction is still at a preliminary stage and remains subject to the conclusion of negotiations, execution of definitive agreements, and the receipt of the necessary regulatory and shareholder approvals, where applicable.”
Accordingly, FMP advised its shareholders and the investing public to exercise caution when dealing in the company’s securities until a full announcement is made.
At the end of 2023, the company had reached a listed market capitalisation of US$57,8 million, a massive improvement from US$22,02 million recorded a year earlier.
During the 2023 financial year, FMP had recorded a profit after tax of US$93,32 million owing to a fair value adjustment gain on its investment properties.
However, the following year, FMP recorded a loss of US$57,28 million for its annual period ended December 31, 2024, owing to a fair value adjustment loss of US$52,57 million on its investment properties.
Despite this, FMP’s market capitalisation on the ZSE had improved to US$59,11 million in 2024, indicating investors were confident in the company’s underlying asset base and long-term rental income prospects, viewing the loss as largely non-cash and valuation-driven.
Investor sentiment paid off as FMP was heading towards a profitable 2025 financial year, swinging back into profitability in the nine months to September 2025.
This is because the firm posted a profit after tax of US$1,8 million during the period, from a US$60,3 million loss in the prior year, driven by fair value gains in its property portfolio.
Yet, a look at FMP market capitalisation as of December 15, 2025, saw its market capitalisation sitting at US$39,36 million, a significant drop from a year earlier.
“The company will issue further announcements in compliance with the Zimbabwe Stock Exchange Listings Requirements as and when there are material developments,” FMP said. -newda
