First Mutual Holdings plans to list Gold ETF

Nelson Gahadza                                                                        

Zimpapers Business Hub

First Mutual Holdings (FMHL) says it will launch the first ever gold exchange traded fund (ETF) product, the First Mutual Wealth Gold ETF, during the second half of the year.

Group chief executive officer Mr Doug Hoto told shareholders at the group’s annual general meeting (AGM) that the product has since been approved by relevant authorities.

“The fund tracks gold assets and gold mining shares that are listed on the Johannesburg Stock Exchange (JSE) and the fund is expected to be listed on the Victoria Falls Stock Exchange (VFEX) during the second half of the year,” he said.

This comes as the Zimbabwe Stock Exchange (ZSE) chief executive officer Mr Justin Bgoni said the bourse was expecting four new listings this year, particularly on VFEX.

According to Mr Hoto, the group’s Insurance Contract Revenue (ICR) for the half-year period to 30 June 2024, grew by 15 percent year-on-year to $84,009 million compared to $73,193 million for the same period in 2023, primarily driven by increased customer uptake.

“Pure USD ICR contribution remained steady at 82 percent of total revenue, consistent with the prior year. Overall, USD-denominated revenue accounted for 80 percent of the total revenue for the period ended 30 June 2025 up from 78 percent in 2024,” he said.

Mr Hoto said the group continued to operate profitably during the half-year period and also managed to complete significant projects both in the region and locally.

Mr Hoto said on regional initiatives, First Mutual Reinsurance has consolidated its presence in Botswana and is therefore venturing into East Africa, having completed business registration processes and awaiting approval of the operating license. In addition, First Mutual Health was granted an operating license in Botswana on 5 May 2025, and business development operations are expected to be launched in the second half of 2025.

“Diamond Seguros expanded into health insurance in Mozambique, and the group recapitalised UGI to enhance operations,” said Mr Hoto.

He said local initiatives include First Mutual Life’s launch of the land-backed product (Imba Yangu / Indlu Yami Savings Plan), which provides access to a residential stand valued from a minimum of $15,000 with an option for a tax-free cash benefit equivalent to the sum assured on death or saved amount on maturity.

During the period under review, First Mutual Wealth completed Midlands Park (Zvishavane) Phase 1, encompassing 20 blocks of residential flats and cluster houses, delivering 116 family housing units due to be officially opened in the third quarter of 2025.

Mr Hoto said First Mutual Health Services opened a full-fledged integrated health facility in Beitbridge and expanded service offerings in Masvingo and Mutare by adding dental and optometry units.