HARARE – Shareholders of Econet Wireless Zimbabwe have voted to delist the telecommunications group from the Zimbabwe Stock Exchange (ZSE), drawing the curtain on a 26-year chapter as a publicly traded company and signalling a strategic pivot towards an ambitious US$3 billion technology and infrastructure expansion.
The resolution was approved at an extraordinary general meeting in Harare, where founder and group chairman Strive Masiyiwa delivered an emotional and reflective address that blended corporate history, financial justification and a forward-looking blueprint anchored on artificial intelligence (AI), data infrastructure and real estate development.
Although Masiyiwa controls a majority stake, he stressed that he and his related interests voluntarily abstained from voting. “The shareholders have spoken — the minority shareholders have spoken,” he said, underscoring that the decision was not forced through by controlling interests.
Valuation Disconnect Drives Exit
Central to the delisting decision, Masiyiwa argued, was a prolonged mismatch between Econet’s operational performance and its market valuation.
At the time the board signalled it was considering delisting, the company’s shares were trading at approximately US$0.08, implying a market capitalisation of about US$239 million — despite annual revenues exceeding US$900 million in stronger years. “And you say we shouldn’t intervene?” he remarked.
He traced the valuation weakness to the economic turbulence of 2019, which triggered a mass exit of foreign investors. International shareholders, who once accounted for roughly 30% of the register and supported premium pricing, now represent less than 2%.
Revenue, which stood at US$819 million in 2019, plunged to US$217 million in 2020 amid domestic monetary disruptions. The group has since stabilised, with 2025 revenues recovering to US$779 million. Even so, Masiyiwa maintained that the stock market pricing mechanism had ceased to reflect intrinsic value or future potential.
“We must have a right to leave,” he said, framing the move as a rational corporate decision rather than an attempt to evade public accountability. He emphasised that Econet would remain a public company in structure, albeit no longer listed.
A Personal Promise to Minority Shareholders
In one of the most poignant moments of the meeting, Masiyiwa recounted the story of the late Mrs Gatsi, who invested US$16,000 — reportedly raised from selling her car — when Econet first listed. “It’s for my children,” she told him at the time.
The anecdote shaped his approach to minority shareholders. Rather than simply buying them out at depressed market prices, the company offered a guaranteed valuation of US$0.50 per share — more than six times the price at which the stock had traded prior to the delisting announcement.
“Any of our shareholders as of today, we have given you a guarantee that your shares are not worth eight cents anymore. They are worth 50 cents from tomorrow,” Masiyiwa said, urging investors not to dispose of their holdings prematurely.
From Telecoms Operator to AI Infrastructure Platform
Beyond the mechanics of delisting, Masiyiwa used the platform to outline a transformative strategy centred on AI, next-generation connectivity and integrated infrastructure.
The group is preparing for significant capital expenditure tied to 5G upgrades and eventual 6G readiness, alongside investments in cloud services and data centres. At the heart of the strategy is a proposed technology and real estate development branded Econet Tech City, envisioned as Zimbabwe’s first fully integrated technology hub.
The development, planned near Robert Gabriel Mugabe International Airport, is expected to house up to 300 international technology companies and serve as a nucleus for digital innovation, AI deployment and enterprise services. Masiyiwa projected that the initiative would anchor a roadmap to triple group revenues to US$3 billion within five years, up from approximately US$1 billion currently.
Developmental Footprint and Social Investment
Masiyiwa situated Econet’s growth within a broader national development context. The company has extended power connectivity to clinics and police stations within a five-kilometre radius of its network infrastructure, built roads and bridges, and supported over 2,000 health facilities.
Through collaborations with the Ministry of Health, Econet has also supported immunisation programmes reaching more than one million children against waterborne diseases. Meanwhile, dividends from Masiyiwa’s personal shareholding continue to fund the Higherlife Foundation, which has provided educational support to over 400,000 children.
End of an Era for the ZSE
The delisting marks the departure of one of the ZSE’s most iconic counters and one of the first indigenous companies to list following a protracted legal battle in the 1990s against the then state-owned Posts and Telecommunications Corporation.
Masiyiwa reflected on the irony that, decades ago, Econet had fought its way onto the exchange — even approaching the High Court to secure its listing — only to now choose to exit voluntarily.
“I can’t say to you I’m the happiest person because I delisted,” he admitted. “But we chose to come to the stock exchange; we must have a right to leave.”
He pledged to re-engage shareholders next year with further updates on the company’s progress as it transitions from a conventional telecoms operator into a private, infrastructure-led technology platform focused on AI, digital services and regional expansion.