First Mutual Properties hints at ZSE delisting

FIRST Mutual Properties (FMP) has hinted at a possible delisting from the Zimbabwe Stock Exchange (ZSE), advising shareholders and the investing public that it is currently engaged in negotiations and/or evaluating a potential transaction that could see the property concern exiting the bourse.

The company, formerly known as Pearl Properties Limited, is a subsidiary of First Mutual Holdings and has been listed on the ZSE for several years.

FMP is a real estate company with vested interests in the development and management of commercial properties in major towns across Zimbabwe.

In a public notice issued on Thursday, the firm said discussions around the potential transaction were still at an early stage and may have a bearing on the value of its securities.

“The Board of Directors of First Mutual Properties Limited (“the Company”) 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,” said company secretary Mrs Dulcie Kandwe.

She added: “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, shareholders and the investing public are advised to exercise caution when dealing in the Company’s securities until a full announcement is made.”

While the company has not disclosed finer details regarding the structure or rationale of the proposed transaction, any move to delist would mark a significant development for the property firm, which has long maintained a presence on the local bourse.