Vongai Masuka

The Zimbabwe Stock Exchange (ZSE) is set to lose two of its major players as National Tyre Services (NTS) and telecommunications giant Econet Wireless Zimbabwe announced separate plans to terminate their listings, citing gross undervaluation and persistent economic strain.

The dual exit, confirmed in separate statements this week, marks a major turning point for the local bourse, which has struggled with a crisis of confidence driven by currency volatility and a liquidity squeeze.

National Tyre Services, a fixture of the Zimbabwean industrial landscape for over five decades, will officially delist on December 31, 2025.

The move comes after the company recorded a loss of ZiG121.19 million for the year ended March 2025, a sharp reversal from its prior profit.

NTS attributed its decision to low liquidity as shares failed to trade in eight of the 12 months leading up to July 2025.

The company’s market valuation stood at just US$4.87 million last week, a figure the board believes does not reflect its intrinsic worth.

In a more strategic maneuver, Econet Wireless Zimbabwe is moving to separate its core mobile business from its vast infrastructure assets.

The company plans to house its towers, real estate, and power assets under a new entity, Econet Infrastructure Company Limited (Econet InfraCo).

The telecom giant plans to list this new entity on the USD-denominated Victoria Falls Stock Exchange (VFEX), where infrastructure assets are more accurately valued.

“For the last several years, the company has traded at a significant discount to its peers across Africa,” Econet stated, noting that African peers trade at 6–8x EV/EBITDA, while Econet remains undervalued on the ZSE.

To facilitate the exit, Econet will launch a voluntary offer for shareholders, allowing them to receive a mix of cash and shares in the new InfraCo.