INDEPENDENT financial adviser Intellego Investment Consultants has backed First Mutual Holdings Limited’s (FMHL) proposed US$11,9 million buyout of minority shareholders in First Mutual Properties (FMP) ahead of the property firm’s planned delisting from the Zimbabwe Stock Exchange (ZSE).
In a circular issued to shareholders this week, FMP said it intended to delist from the ZSE as part of a strategic shift towards operating as a privately-held entity.
The delisting proposal is accompanied by an offer from FMP’s majority shareholder, FMHL, which holds a 70,8% stake in the property firm, to acquire the remaining minority shareholding. The transaction is being underwritten by Morgan & Co.
Under the offer, FMHL and Morgan & Co intend to acquire up to 360 944 355 ordinary shares in FMP, representing 29,2% of the company’s issued share capital, at US$0,033 per share.
The transaction values the minority stake at US$11,9 million and, if fully subscribed, will result in FMHL taking full ownership of FMP.
The offer opens on June 3 and closes on June 24, while the delisting is scheduled for July 1.
In a letter dated April 28, 2026, Intellego said the offer gave minority shareholders “an immediate, certain cash exit denominated in United States Dollars”.
“The underwriting commitment by Morgan & Co (Private) Limited (50 822 850 shares at US$0,0330, maximum underwriting value US$1 677 154) guarantees execution for the residual minority tranche — shareholders who cannot find a buyer in the open market are assured of exit at the offer price,” Intellego said.
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The adviser noted that the proposal offered minority shareholders an opportunity to exit before the company’s listing is terminated. Shareholders who do not accept the offer will continue holding shares in FMP as an unlisted company.
Intellego said this certainty carried significant value in Zimbabwe’s thinly traded, dual-currency market.
It warned that shareholders who remain invested after delisting could face reduced liquidity, as FMP shares would trade over the counter (OTC).
