Econet Gets 4.8% Share Acceptances in Exit Offer

By ETimes

HARARE – TELECOMS giant Econet Wireless Zimbabwe said shareholders tendered about 4.8% of its issued shares in an exit offer tied to the company’s planned delisting and the anticipated listing of its infrastructure unit on the Victoria Falls Stock Exchange (VFEX).

In a notice, the company said the offer closed on 9 March 2026 with 143,18 million shares submitted by investors.

“At the close of the Exit Offer period, the Company had received valid acceptances of 143,180,386 shares, representing approximately 4.785% of the issued share capital of the company,” the company said.

The shares tendered through the offer will be cancelled once payment is made, a move the company said would increase the proportional ownership of shareholders who remain invested.

“These shares will be cancelled as soon as they are paid and a share redemption Reserve Fund shall be created in accordance with the provisions of the Companies and Other Business Entities Act,” Econet stated.

Under the terms of the exit offer, participating investors will receive both cash and shares in Econet’s infrastructure subsidiary.

“The Exit Offer consideration shall comprise US$0.17 in cash and one Econet InfraCo share for every one EWZL share tendered,” the company said.

Econet said the total cash payment to exiting shareholders would amount to about US$24.34 million, alongside the allotment of 143,180,386 Econet InfraCo shares valued at roughly US$47.25 million.

The company added that transfer secretaries had been instructed to begin processing payments to investors, while foreign shareholders would receive proceeds subject to exchange control approvals.

Econet InfraCo shares are expected to be allotted ahead of the unit’s planned listing on the VFEX on 31 March 2026, according to the announcement.

Meanwhile, Econet declared a cash dividend for remaining shareholders, noting that investors who accepted the exit offer would not qualify for the payout.