Econet Zimbabwe to exit from ZSE

Econet Wireless Zimbabwe Ltd. will voluntarily delist from the Zimbabwe Stock Exchange, citing a persistent valuation discount to regional peers.

"For the last several years, the company has traded at a significant discount to its peers across Africa which trade at 6 - 8x EV/EBITDA," the telecommunications firm said in an emailed statement on Tuesday. "These peers have all already separated and realized value from their tower infrastructure."

Econet owns its tower and other passive infrastructure through a separate unit, Econet InfraCo, which it plans to list on the Victoria Falls Stock Exchange by way of introduction, according to the statement.

The company will retain a 70% stake in Econet InfraCo and will allocate up to 30% of the shares to settle exit offers for shareholders who choose not to remain invested following the delisting.