HARARE – First Mutual Properties Limited has indicated it may delist from the Zimbabwe Stock Exchange (ZSE), adding to a growing list of companies reassessing their presence on the local bourse.
In a cautionary statement to shareholders, the company said it 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.”
The property group emphasised that the process remains at an early stage, noting that “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.”
First Mutual Properties is one of Zimbabwe’s established real estate players, with a portfolio valued at approximately US$138 million as of November 2025. The company owns and manages 41 buildings, representing a total lettable area of 124,178 square metres across office parks, retail centres, and other commercial properties.
Its asset base includes several high-profile developments such as Arundel Office Park, the Arundel office extension, Pearl House, and First Mutual Park — properties that have long positioned the group as a significant participant in Zimbabwe’s commercial property market.
Originally listed on the ZSE in 2007 under its former name, Pearl Properties, the company’s potential exit would mark the latest chapter in an ongoing trend of delistings. In recent years, a number of firms have cited persistent challenges including subdued market valuations and constrained liquidity conditions.
Market analysts say thin trading volumes continue to weigh on price discovery on the ZSE, often leaving listed firms trading below perceived intrinsic value. For capital-intensive sectors such as property, where asset values may not always be fully reflected in share prices, these dynamics have intensified debate over the benefits of remaining publicly listed.
While First Mutual Properties has not disclosed detailed reasons behind the possible delisting, the development is likely to renew broader discussions about market structure, investor depth, and valuation efficiency within Zimbabwe’s equity markets.
The company advised shareholders to “exercise caution when dealing in the Company’s securities until a full announcement is made,” in line with listing requirements. Further updates are expected as negotiations progress and regulatory processes unfold.
