First Mutual Properties shareholders have overwhelmingly endorsed the company's voluntary delisting from the Zimbabwe Stock Exchange, paving the way for the property firm to transition into a privately held company.
The decision was approved at an Extraordinary General Meeting held on June 2, 2026, where shareholders voted unanimously in favour of all resolutions linked to the transaction.
In a notice released following the meeting, the company said shareholders had approved "the voluntary termination of FMP's ZSE listing" and endorsed a buyout offer by parent company First Mutual Holdings Limited (FMHL) to minority investors.
The offer will see FMHL acquire shares held by minority shareholders at a price of US$0.033 per share as part of the delisting process.
Shareholders also approved amendments to the company's Articles of Association to facilitate its transition into an unlisted entity and authorised directors to implement the transaction.
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The company said all resolutions relating to the transaction were passed with 100 percent shareholder support.
The approval marks a significant milestone in FMP's restructuring plans and formally clears the path for the company to exit the local bourse.
Under the approved timetable, June 23, 2026, will be the final day on which FMP shares can be traded on the Zimbabwe Stock Exchange.
The shareholder offer is scheduled to close on June 24, while the transfer of minority shares to FMHL will take place on July 1, the same day the company's ZSE listing will officially be terminated.
The move comes as listed companies increasingly review the costs and benefits associated with maintaining a public listing, with some firms opting for private ownership structures that offer greater operational flexibility and reduced regulatory obligations.
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