Online Reporter
Nelson Gahadza
Senior Business Reporter
FIRST Mutual Holdings Limited (FMHL) will pay out about US$1,3 million to minority shareholders of First Mutual Properties Limited (FMP) following a voluntary delisting offer that culminated in the property company’s exit from the Zimbabwe Stock Exchange (ZSE).
The cash offer attracted valid acceptances for 39,65 million shares, translating to a total consideration of US$1 308 448,71 at US$0,033 per share, FMP said in a notice to shareholders.
The shares were transferred on July 1, while payments to accepting shareholders will be made within seven business days through electronic bank transfers, subject to applicable statutory deductions.
The transaction marks the completion of FMP’s voluntary delisting, which became effective on Thursday after the company satisfied all regulatory requirements and secured shareholder approval at an Extraordinary General Meeting held in June.
The buyout formed part of FMHL’s plan to consolidate its shareholding in the property company, with the offer underwritten by Morgan & Co International.
Shareholders who did not accept the offer will remain investors in FMP, which will continue operating as an unlisted public company.
The company said details of an over-the-counter trading platform, through which the remaining shares can be traded, will be announced in due course.
The delisting ends FMP’s more than two-decade presence on the Zimbabwe Stock Exchange, where it listed in 2003 as a specialist property investment company.
The move reflects a growing trend of delistings from the bourse as companies seek greater strategic flexibility, reduced listing and compliance costs and freedom to pursue long-term investment plans outside the demands of a public market.
For FMHL, which was already FMP’s majority shareholder before the transaction, the delisting streamlines the group’s ownership structure while providing greater flexibility in managing the company’s commercial property portfolio and future capital allocation.
FMP owns a diversified portfolio of office, retail and industrial properties across Zimbabwe and will continue operating under its existing corporate structure despite no longer being listed on the stock exchange
