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Econet Wireless Zimbabwe Limited (Econet), the telecom operator and flagship business controlled by Zimbabwe’s richest man, Strive Masiyiwa, has moved to voluntarily delist from the Zimbabwe Stock Exchange (ZSE), closing a long chapter as one of the country’s most closely watched public companies.
The board’s decision follows years of frustration over valuation. Econet has consistently traded at a deep discount to African telecom peers, which typically command 6 to 8 times EV/EBITDA after spinning off and monetizing their tower infrastructure. Econet, by contrast, retained ownership of its towers and other passive assets, a structure that investors struggled to value within Zimbabwe’s local-currency market.
Separating towers to unlock value
The proposed delisting will be put to shareholders for approval under ZSE rules. Before the exit becomes effective, Econet plans to extend a voluntary exit offer, allowing investors who do not wish to hold shares in an unlisted company to cash out or receive part-payment in shares of a newly created infrastructure subsidiary.
At the center of the restructuring is the creation of Econet Infrastructure Company Limited, which will house the group’s towers, real estate and power assets, mirroring global telecom best practice, where passive infrastructure is separated into dedicated “tower companies”.
Econet will retain a 70 percent stake in the infrastructure unit, while up to 30 percent of the shares will be used to settle the exit offer for shareholders who choose not to remain invested post-delisting. To ensure fairness, the infrastructure business's value will be ascertained by an impartial valuation specialist. Econet plans to list the infrastructure company by way of introduction on the Victoria Falls Stock Exchange, Zimbabwe’s US dollar–denominated bourse.
Life after the ZSE
Once delisted, Econet shares will trade privately, subject to company law and reinstated pre-emption rights among existing shareholders. The shift underscores a growing trend among African corporates: stepping away from local bourses that fail to price assets efficiently, while using specialized exchanges to surface value.
For Econet’s shareholders, the restructuring offers a clearer choice, exit now, or remain invested in a streamlined telecom operator while holding exposure to a separately listed infrastructure business. For Masiyiwa, it is another example of his long-held belief that African companies must continuously adapt their structures to unlock value in imperfect markets.
A strategic reset for a telecom giant
For Masiyiwa, the move reflects a broader recalibration rather than a retreat. Since founding Econet in 1998, he has built it into Zimbabwe’s dominant mobile operator, with more than 14 million subscribers and commanding shares of both the voice and data markets. Through Econet Global, he controls about 47.5 percent of Econet Wireless Zimbabwe.
Over the past two decades, Econet has grown into a pan-African telecom group with operations and investments spanning more than 20 countries across Africa, Europe, South America and East Asia. The Zimbabwe unit remains the group’s anchor, but the economic environment and market structure have constrained how value is reflected on the local exchange.
