Strive Masiyiwa breaks 26 year silence as Econet Zimbabwe quits the stock market

Econet Wireless Zimbabwe shareholders have approved the delisting of the country’s biggest mobile operator from the Zimbabwe Stock Exchange, ending a 26 year run on the bourse and marking a rare public intervention by founder Strive Masiyiwa.

Masiyiwa, speaking from the United States, told shareholders it was the first time in 26 years he had addressed them in that setting. He said he and related parties did not vote on the resolution, allowing minority shareholders to determine the outcome.

Econet’s board has argued that leaving the stock market will give the company room to restructure and invest in new growth areas without the pressures and distortions of a volatile public market. Masiyiwa backed the move, saying the share price no longer reflected the value of the underlying business.

He said Econet shares were trading at about 8 US cents when the company first raised the delisting proposal, implying a market value of about $239 million. Masiyiwa said the valuation was inconsistent with the company’s operating scale and history, citing periods when Econet generated more than $900 million in annual revenue.

Masiyiwa also pointed to Zimbabwe’s economic instability as a factor that hit earnings and investor confidence. He said revenue fell sharply from $819 million in 2019 to $217 million in 2020 during monetary turmoil, before recovering to $779 million in 2025.

He told shareholders foreign investors had largely exited the register, saying overseas ownership dropped from about 30% to below 2%, leaving the stock thinly traded and more exposed to local shocks.

Econet has offered minority shareholders a guaranteed 50 US cents per share, which Masiyiwa described as a measure aimed at protecting small investors who held the stock through years of volatility. He cited the example of an early shareholder who sold a car to buy shares at listing, saying the company had a responsibility to families who backed it from the start.

Masiyiwa said delisting would allow Econet to pursue a broader investment program he valued at about $3 billion, including work tied to data infrastructure, artificial intelligence and network upgrades such as 5G, alongside a proposed technology city project near Harare’s airport.

Econet began as a challenger brand after Masiyiwa fought a lengthy legal battle in the 1990s to enter Zimbabwe’s telecoms market. With the delisting vote passed, the company is preparing to shift into its next phase as a privately held business with a larger focus on long term capital projects.