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Econet InfraCo deploys 90 new base stations as solar expansion gathers pace
Econet InfraCo deploys 90 new base stations as solar expansion gathers pace
Staff Writer
NEWLY listed infrastructure company Econet InfraCo has deployed 90 new base station sites during the quarter ended 31 May 2026 as it accelerates investment in telecommunications, renewable energy and property developments following its listing on the Victoria Falls Stock Exchange (VFEX).
In its inaugural quarterly trading update since listing, the company said the new sites form part of its strategy to expand network infrastructure while creating additional revenue opportunities through tower colocation by multiple telecommunications operators.
“The core strategic thrust of the business remains the deployment of new operational sites and towers to support the Tower & Power business segments,” the company said.
It added that the latest deployments were “strategically designed to drive revenue growth through a capital-efficient colocation model, with an active pipeline of new tenant negotiations underway.”
The company, which operates through TowerCo, PowerCo and PropertyCo business divisions, also reported significant progress in integrating artificial intelligence into its operations to improve infrastructure management.
According to the update, AI technologies are now being used to predict generator maintenance requirements, optimise fuel consumption and improve the reliability of network infrastructure.
“During the quarter, we expanded the use of AI to improve predictive generator maintenance, optimise fuel utilisation, and enhance infrastructure reliability,” the company said.
It added that the phased rollout of its AI Fuel Manager had reduced energy consumption while improving equipment availability, with AI-enabled Remote Monitoring Systems and Digital Twin technology also advancing operational efficiencies.
The company said its renewable energy programme remained central to reducing reliance on diesel-powered generators amid rising global fuel prices.
While geopolitical tensions in the Middle East had created uncertainty in international diesel markets, Zimbabwe had not experienced supply shortages, although local diesel prices had increased.
“Consequently, our solar deployment programme forms a critical measure implemented by the business to ensure continued energy supply and operational resilience,” Econet InfraCo said.
As part of its long-term energy strategy, the company commenced Phase One of a planned 100-megawatt solar farm that will eventually supply renewable electricity to developments within Econet Tech City.
Beyond telecommunications infrastructure, the company’s PropertyCo division reported stable rental income during the quarter while construction planning continued for two flagship real estate developments.
Progress on the Econet TechCity project in Harare and the Victoria Falls Lifestyle Villas remains on schedule, with groundbreaking for both developments targeted for the fourth quarter of the current financial year.
The company said it had already received expressions of interest from potential tenants and buyers across various sectors, signalling anticipated market demand once the projects become available.
Financially, Econet InfraCo said performance remained in line with expectations outlined before its stock market listing.
“The Board notes that financial performance for the quarter remains materially in line with projections, and that there have been no material changes to the Company’s financial position since the publication of the Pre-Listing Statement,” the company said.
The company also disclosed that it reinvested 17 percent of revenue generated during the quarter into capital projects to support future growth.
Looking ahead, Econet InfraCo said it would continue expanding its tower portfolio while accelerating solar power investments as it seeks to unlock value across its integrated infrastructure platform.
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Old Mutual to shift Zimbabwe listing to VFEX After six-year trading suspension
Staff Writer
HARARE – Old Mutual Limited has announced plans to migrate its secondary listing in Zimbabwe from the Zimbabwe Stock Exchange (ZSE) to the Victoria Falls Stock Exchange (VFEX), ending a six-year impasse that left its shares suspended from trading and restoring market access for local investors.
The move, which is subject to regulatory approvals, will see one of Zimbabwe’s largest listed companies transfer its secondary listing to the US dollar-denominated VFEX, a development expected to reopen trading opportunities for thousands of Zimbabwean shareholders who have been unable to buy or sell Old Mutual shares since June 2020.
Old Mutual said the migration reflects its confidence in the growth and maturity of the VFEX, which it believes has developed into a sufficiently liquid and credible alternative trading platform.
The company’s shares were suspended in June 2020 after the Government halted trading on the ZSE in an effort to curb the use of the implied exchange rate that authorities said was fuelling exchange rate distortions and market instability.
Although trading on the ZSE resumed two months later, Old Mutual remained suspended, preventing investors from trading the stock despite the company not being responsible for the continued suspension.
Since then, the financial services group said it has engaged extensively with the Government of Zimbabwe, regulators and both stock exchanges in an effort to restore trading or identify an alternative solution.
Old Mutual Group chief executive officer Jurie Strydom said the migration was primarily aimed at restoring investor choice.
“This migration is about restoring choice and visibility of investment exposure to Old Mutual for our Zimbabwean shareholders.
“We are committed to providing a viable, regulated pathway for shareholders to trade their shares, or to continue holding them and receive dividends as and when declared and benefit from exposure to the market value of Old Mutual shares,” he said.
He said the board had concluded that the VFEX had evolved into a viable market capable of supporting the company’s listing.
“The VFEX has come into its own and now developed sufficient scale and liquidity as a viable alternative trading platform to the ZSE. We are confident this move is in the best long-term interests of all our stakeholders.”
Old Mutual Zimbabwe chief executive officer Samuel Matsekete said the decision followed constructive engagements with Government and aligned with efforts to strengthen Zimbabwe’s capital markets.
“This migration has been achieved through constructive dialogue with the Government of Zimbabwe and demonstrates our commitment to contribute to the strengthening of financial and capital markets in Zimbabwe. We are committed to aligning Old Mutual’s corporate strength to drive sustainable economic growth into the future.”
The migration marks a significant milestone for both Old Mutual and Zimbabwe’s capital markets. For shareholders, it provides a long-awaited opportunity to trade shares that have effectively been locked for years while maintaining entitlement to future dividends and exposure to the group’s underlying value.
The development is also a major endorsement of the VFEX, which has been positioning itself as Zimbabwe’s premier foreign currency-denominated exchange since its launch in 2020.
The exchange offers investors incentives including trading, settlement and dividend payments in US dollars, features that have increasingly attracted companies seeking access to international and domestic foreign currency investors.
Old Mutual’s decision is expected to further enhance the VFEX’s standing, adding one of Africa’s leading financial services groups to a market that has steadily expanded its number of listings and market capitalisation over the past few years.
The announcement also comes amid a broader migration of investor activity towards the VFEX. The exchange recently overtook the ZSE in market capitalisation, reflecting growing confidence in the US dollar-based bourse and increasing demand for foreign currency-denominated investment opportunities.
For the ZSE, the departure of one of its most prominent suspended counters underscores the long-term impact of the 2020 trading restrictions and the continuing shift by some issuers towards the VFEX’s foreign currency platform.
Pending regulatory approvals, the migration is expected to restore an active market for Old Mutual shares in Zimbabwe for the first time since 2020, bringing to a close one of the country’s longest-running stock market suspensions and providing renewed liquidity for investors.
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New emergency care law reshapes obligations for private hospitals
Staff Writer
The Government’s decision to compel private hospitals to provide emergency treatment to all patients, regardless of their ability to pay, marks one of the most significant healthcare policy shifts in recent years.
While the amendments to the Medical Services Act are designed to protect patients from being denied life-saving care because of financial hardship, they also fundamentally alter the operating environment for Zimbabwe’s private healthcare sector.
The amendments, gazetted this week, require every private health institution to admit and provide emergency treatment to patients with life-threatening conditions for at least 48 hours to stabilise them before any transfer to another facility.
Hospitals that refuse emergency admissions risk fines, imprisonment of responsible officials, or both.
At its core, the legislation seeks to place the right to emergency healthcare above financial considerations, effectively making access to emergency medical treatment a legal obligation rather than a commercial decision.
A major shift in healthcare delivery
For decades, one of the biggest criticisms levelled against Zimbabwe’s private health sector has been the requirement for upfront payment or proof of medical insurance before treatment could begin.
Although many hospitals have exercised discretion in genuine emergencies, numerous reports have emerged over the years of critically ill patients being referred elsewhere because they could not immediately pay deposits running into hundreds or thousands of United States dollars.
The amendments effectively eliminate that practice in emergency cases.
This brings Zimbabwe closer to international principles governing emergency medicine, where preserving life takes precedence over payment arrangements.
For patients, particularly those without medical aid or immediate access to cash, the reforms could mean the difference between life and death.
Relief for patients, but new pressures for hospitals
While the reforms are likely to be welcomed by patients and public health advocates, they present complex operational and financial challenges for private healthcare providers.
Private hospitals operate as businesses.
Unlike public hospitals, they receive limited direct Government funding and rely primarily on patient fees, medical insurance reimbursements and employer-funded healthcare schemes to sustain operations.
Emergency medicine is among the most expensive forms of healthcare.
Treating trauma victims, stroke patients, heart attacks, severe infections or accident casualties often requires intensive care beds, specialist doctors, expensive medicines, diagnostic imaging, blood products and sophisticated equipment.
Providing such care for 48 hours without guaranteed payment could significantly increase bad debts for some institutions.
Although the amended law allows private hospitals to recover costs either from the State or the patient through agreed arrangements, many questions remain unanswered.
The legislation does not yet clearly define how reimbursement mechanisms will operate, the timelines for payment or what happens if patients remain unable to settle their bills after treatment.
Without a predictable funding model, hospitals may experience growing cash-flow pressures.
Increased financial exposure
The policy could also reshape financial risk management within private healthcare.
Hospitals may need to create larger provisions for unrecoverable debts while strengthening billing systems to pursue reimbursements from Government agencies, insurers or patients after emergency treatment has been provided.
Institutions may also review pricing structures for elective procedures or routine services to offset higher emergency care costs.
Health economists often note that when providers absorb unrecovered emergency treatment costs, those expenses are eventually spread across the wider patient base through higher service charges.
This means the broader cost of healthcare could gradually increase unless Government establishes an effective compensation mechanism.
Insurance sector likely to feel the impact
Medical aid societies may also come under increased pressure.
As more emergency cases are treated immediately without prior financial clearance, insurers may face larger claims and may need to strengthen verification systems after treatment has already commenced.
The reforms could also encourage wider medical aid uptake if patients seek insurance cover to minimise personal financial liability after receiving emergency treatment.
Conversely, insurers may respond by reviewing premiums to reflect increased emergency claims exposure.
Public-private collaboration
One of the less discussed but potentially transformative aspects of the amendments is the expanded role of private hospitals during national health emergencies.
The legislation empowers the Minister of Health and Child Care to direct private institutions to provide specialist services for emergency patients referred from public hospitals during crises.
This could strengthen collaboration between Zimbabwe’s overstretched public hospitals and better-equipped private facilities, particularly during disease outbreaks, mass casualty incidents or periods when public hospitals face capacity constraints.
Zimbabwe’s public health system has periodically struggled with shortages of intensive care beds, specialist services, medicines and equipment.
Allowing Government to formally mobilise private sector capacity could improve national emergency preparedness and help reduce mortality during crises.
However, such cooperation will depend heavily on timely Government reimbursement and clear contractual arrangements.
Without these, private hospitals may struggle to sustain prolonged emergency support.
Operational adjustments
Hospitals will likely need to review internal admission procedures, emergency department protocols and staff training.
Frontline staff who previously requested proof of payment before treatment will now have to prioritise immediate clinical assessment in qualifying emergency cases.
Institutions may also need clearer criteria for determining what constitutes a life-threatening emergency to minimise disputes with patients and regulators.
Documentation, referral systems and patient transfer procedures will also become increasingly important to demonstrate compliance with the law.
Stronger accountability
The introduction of criminal penalties represents another significant shift.
Hospital executives and medical practitioners who unlawfully refuse emergency treatment could face prosecution, signalling Government’s intention to enforce the reforms rather than leave compliance to professional ethics alone.
The legal consequences are likely to encourage stricter adherence across the sector and reduce instances where patients are turned away because of inability to pay.
A balancing act
Ultimately, the amendments seek to balance two competing realities.
On one hand is the constitutional and moral imperative that no Zimbabwean should lose their life because they cannot immediately afford emergency treatment.
On the other is the economic reality that private hospitals must remain financially sustainable if they are to continue investing in specialised equipment, skilled personnel and quality healthcare services.
Whether the reforms achieve their intended objectives will depend largely on implementation.
If Government establishes transparent reimbursement mechanisms and honours payment commitments promptly, the legislation could strengthen public-private cooperation while expanding access to life-saving healthcare.
If compensation arrangements prove slow or uncertain, however, private hospitals may face mounting financial pressures that could ultimately affect investment, service quality and the long-term sustainability of emergency care.
For Zimbabwe’s healthcare sector, the amendments represent more than a legal reform. They redefine the relationship between private medicine and public responsibility, signalling a policy direction in which emergency healthcare is increasingly viewed as a national obligation rather than a service determined solely by a patient’s ability to pay.
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FMHL pays out US$1,3 million as FMP exits ZSE
Staff Writer
First Mutual Holdings Limited (FMHL) will pay out about US$1,3 million to minority shareholders of First Mutual Properties Limited (FMP) following the successful completion of a voluntary delisting offer that culminated in the property company’s exit from the Zimbabwe Stock Exchange (ZSE).
The cash offer attracted valid acceptances for 39,65 million shares, translating to a total consideration of US$1 308 448,71 at US$0,033 per share, FMP said in a notice to shareholders.
The shares were transferred on July 1, while payments to accepting shareholders will be made within seven business days through electronic bank transfers, subject to applicable statutory deductions.
The transaction marks the completion of FMP’s voluntary delisting, which became effective on Thursday after the company satisfied all regulatory requirements and secured shareholder approval at an Extraordinary General Meeting held in June.
The buyout formed part of FMHL’s plan to consolidate its shareholding in the property company, with the offer underwritten by Morgan & Co International.
Shareholders who did not accept the offer will remain investors in FMP, which will continue operating as an unlisted public company.
The company said details of an over-the-counter trading platform, through which the remaining shares can be traded, will be announced in due course.
The delisting ends FMP’s more than two-decade presence on the Zimbabwe Stock Exchange, where it listed in 2003 as a specialist property investment company.
The move reflects a growing trend of delistings on the local bourse as companies seek greater strategic flexibility, reduced listing and compliance costs and freedom to pursue long-term investment plans outside the demands of a public market.
For FMHL, which was already FMP’s majority shareholder before the transaction, the delisting streamlines the group’s ownership structure while providing greater flexibility in managing the company’s commercial property portfolio and future capital allocation.
FMP owns a diversified portfolio of office, retail and industrial properties across Zimbabwe and will continue operating under its existing corporate structure despite no longer being listed on the stock exchange
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First Mutual Holdings doubles profit as investment income boosts earnings
Staff Writer
First Mutual Holdings Limited (FMHL) more than tripled its earnings in the first five months of 2026 after a sharp rebound in investment income offset rising insurance claims and operating costs, underscoring the resilience of the diversified financial services group’s business model.
The insurance and investment group reported a 202 percent jump in profit after tax to US$10,02 million for the period ended May 31, 2026, from US$3,32 million in the comparable period last year, while profit before tax climbed 190 percent to US$10,85 million.
The performance, presented at the group’s annual general meeting, was largely driven by a surge in investment returns as FMHL capitalised on stronger financial markets, even as insurers continued to grapple with rising claims costs and higher policy acquisition expenses.
Net investment return soared to US$12,91 million from just US$268 000 a year earlier, providing the single biggest contribution to earnings growth and cushioning pressure on underwriting margins.
The results reflect the growing importance of investment income to Zimbabwe’s insurers, which increasingly rely on diversified income streams to sustain profitability amid a volatile operating environment characterised by elevated claims inflation, currency uncertainty and rising operating costs.
Despite the difficult environment, FMHL maintained steady growth in its core insurance operations.
Insurance contract revenue rose 11 percent to US$77,12 million, with all three insurance clusters posting double-digit growth.
Revenue from the Life and Health Insurance Cluster increased 10 percent to US$38,79 million, while the General Insurance Cluster expanded 13 percent to US$19,84 million.
The Reinsurance Cluster recorded 12 percent growth to US$18,49 million. Overall shareholder revenue rose 11 percent to US$83,59 million.
However, the increase in business volumes came with higher costs.
Insurance service expenses rose 19 percent to US$64,6 million, reflecting an 18 percent increase in incurred claims and insurance contract expenses as well as higher acquisition costs associated with new business.
Consequently, insurance service results before reinsurance declined 16 percent to US$12,52 million.
FMHL was nevertheless able to preserve underwriting profitability through improved reinsurance performance.
Reinsurance recoveries and commission income jumped 49 percent to US$10,75 million, while net expenses from reinsurance contracts narrowed significantly, helping lift net insurance and reinsurance performance by nine percent to US$11,42 million.
The group’s non-insurance operations also delivered a steady contribution to earnings.
Net rental income rose 19 percent to US$2,06 million, benefiting from the group’s sizeable property portfolio, while overall net operating income increased 35 percent to US$4,94 million despite a seven percent rise in administration expenses.
FMHL further strengthened its financial position during the review period.
Total assets increased seven percent to US$301,57 million from US$283,08 million at the end of December 2025, supported by a 30 percent increase in equity investments to US$56,06 million, an 18 percent rise in reinsurance contract assets and higher cash holdings.
Shareholders’ equity grew 11 percent to US$71,11 million, lifting total equity to US$115,61 million. Insurance liabilities also increased in line with business growth, with life assurance liabilities rising nine percent and short-term insurance liabilities advancing five percent.
The results suggest FMHL has entered the second half of the year with a stronger balance sheet and improving earnings momentum.
While higher claims continue to weigh on underwriting margins across the insurance industry, the group’s diversified portfolio spanning life assurance, short-term insurance, reinsurance, property and asset managementcontinues to provide multiple earnings streams capable of cushioning volatility in any single business line.
The performance also reinforces a broader trend within Zimbabwe’s insurance sector, where strong investment portfolios and property assets have become increasingly important drivers of profitability alongside traditional underwriting operations.
Wednesday, Jul 22, 2026
