ECONET Wireless Zimbabwe has opened its US$0,50 per share exit offer following overwhelming shareholder approval for the company’s voluntary delisting from the Zimbabwe Stock Exchange (ZSE) at an extraordinary general meeting (EGM) held last Thursday.
The exit offer, which opened last Friday, comprises US$0,17 in cash and one Econet Infrastructure Company Limited (InfraCo) share, valued at US$0,33 per Econet share.
Shareholders cannot choose to take only cash or only shares, as the offer is indivisible.
The move is part of a major restructuring of Zimbabwe’s leading telecom group, separating its telecom operations from real estate, tower, and power infrastructure assets.
Econet plans to list InfraCo separately on the Victoria Falls Stock Exchange, giving shareholders a clear choice to exit or remain invested.
The strategy signals a response to evolving market dynamics and regulatory conditions.InfraCo is scheduled to list on the Victoria Falls Stock Exchange on March 31, the same day Econet is expected to delist from the ZSE. The exit offer closes on March 9.
Econet warned that shareholders who fail to make a valid election by the deadline will be deemed to have opted to remain invested in the company after delisting.
At the EGM, shareholders representing 94,723% of the company’s issued share capital were present either in person or by proxy, reflecting strong participation in one of the group’s most consequential transactions.
The voluntary delisting resolution received 94,949% approval, while 5,051% voted against.
The exit offer itself was backed by 96,592% of participating shareholders.
Amendments to the company’s Articles of Association and the general authority resolution also passed with over 97% approval, clearing the final regulatory hurdles for the restructuring.
“All resolutions set out in the notice of EGM were duly approved by the requisite majority of shareholders present and voting, in person or by proxy,” Econet said.
Following the vote, Econet’s market capitalisation slipped marginally to US$1,04 billion from US$1,05 billion a day earlier — a decline of US$13,79 million (about 1,3%). -newdda
