Econet InfraCo Makes Historic Debut On Victoria Falls Stock Exchange With US$1 Billion Valuation

Broadcast Media Africa 1 April 2026

Econet InfraCo has made a significant market entry with a US$1 billion valuation, launching its trading debut today on the Victoria Falls Stock Exchange (VFEX). This event marks the largest initial listing in the history of Zimbabwe’s capital markets and is a pivotal moment for Strive Masiyiwa’s telecommunications venture.

The newly established infrastructure company, a spin-off of Econet Wireless Zimbabwe, will trade under the ticker INFR.VX, becoming the 16th listing on the dollar-indexed VFEX. Its introduction is perceived as a key transformation in Zimbabwe’s telecom sector and a crucial test of the country’s efforts to attract foreign investment.

During the listing ceremony, Zimbabwe’s finance minister, Mthuli Ncube, underscored the importance of this milestone. He remarked, “This demonstrates to the world that Zimbabwe is open for business and our regulatory frameworks are strong. A listing of this scale sends a clear signal to international investors about the depth and maturity of our capital markets.”

Not only does this listing stand out due to its size, but it also signifies a strategic shift for Econet. The company has separated its tower networks, renewable energy assets, and real estate holdings into a dedicated entity to unlock value and provide stable, long-term income streams.

This move is in line with a global trend in which telecommunications companies are creating distinct entities for their infrastructure assets to attract independent investment and expand beyond their parent firms.

The debut at the VFEX also signals a deliberate shift from the local currency-denominated Zimbabwe Stock Exchange. Econet has been a significant and liquid player on the exchange since its inception in 1998. By exiting the ZSE, VFEX removes a substantial portion of market capitalisation and liquidity, thereby enhancing its strategic relevance.

Econet InfraCo is entering the market as a stable, asset-backed investment, supported by long-term leases and consistent cash flows derived from telecommunications infrastructure and energy solutions.

The company is poised to play a vital role in advancing Zimbabwe’s digital economy, especially as demand for data, connectivity, and distributed energy sources continues to grow.

For investors, this listing presents an opportunity to gain exposure to one of Zimbabwe’s major private infrastructure platforms. For the wider economy, it symbolises the evolution of a capital market increasingly capable of facilitating billion-dollar listings.

As trading commences, attention will be focused on whether Econet InfraCo can effectively leverage its size and asset base to build lasting investor confidence, potentially setting the stage for more infrastructure-driven listings across Africa.

Econet InfraCo joins VFEX as 19th counter

The Herald/ The Chronicle 29 March 2026

ECONET InfraCo, the infrastructure subsidiary of Econet telecommunications company, was officially listed on the Victoria Falls Stock Exchange (VFEX) on Friday, becoming the 19th counter on the US dollar-denominated bourse in a ceremony presided over by Finance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube.

The listing, which took place at a local hotel in Victoria Falls, marks a significant milestone for Zimbabwe’s capital markets, adding a diversified infrastructure investment vehicle to the exchange’s growing portfolio.

Prof Ncube described the listing as a statement about where Zimbabwe is going, the maturity of capital markets, and the confidence that serious, long-term investors are placing in this nation’s infrastructure story.

He said the listing aligns with the National Development Strategy 2 (2026-2030) and the country’s Vision 2030 goals.

“Infrastructure, as a foundation for all economic activity, is central to this vision. The structure of Econet InfraCo as a dedicated infrastructure holding company aligns perfectly with this national priority,” said Prof Ncube.

“By ring-fencing assets such as telecommunication towers, power infrastructure, and property into a focused vehicle, we are adopting a globally recognised model that attracts specialised infrastructure capital.”

Prof Ncube also drew connections between the listing and the recently launched National Artificial Intelligence Strategy, saying digital ambitions require physical infrastructure.

“AI does not function in the abstract; it lives in hyper-scale data centres and travels on high-speed fibre-optic networks, requiring massive and reliable power supplies,” he said.

Victoria Falls Stock Exchange chairperson, Ms Florence Jambwa, highlighted the significance of the listing for the VFEX, which has grown from a handful of counters since its establishment in 2020 to now 19 listings within six years.

“The listing of Econet InfraCo is particularly significant because of its structure and the opportunities it unlocks for investors.

“By ring-fencing high-quality infrastructure assets into a dedicated investment vehicle, InfraCo provides investors with direct exposure to stable, long-term, income-generating assets,” she said.

Mrs Jambwa said the VFEX daily turnover now averages over US$350  000, with market capitalisation standing at US$2,8 billion, figures expected to grow significantly with the new listing.

The VFEX Direct platform now has over 7 800 active retail accounts.
Econet InfraCo board chairman Mr Godfrey Gomwe outlined the company’s three-pronged value proposition —

TowerCo providing stable cash flows, PowerCo driving margin expansion through energy optimisation, and PropertyCo unlocking value from strategic real assets.

“This is not a speculative growth story. We are not here raising capital to figure out a business model, nor are we building from scratch. Econet InfraCo is already a platform at scale,” said Mr Gomwe.

He announced that as part of the PropertyCo portfolio, the company is advancing the Victoria Falls Private Residences development, featuring luxury villas in the resort city.

“We offer our investors and our nation a very simple promise: Yield today. Growth tomorrow. Value over time,” he said.

Transaction advisors included TN Financial Services, Bethel Equities, Mtetwa and Nyambirai, Fincent Advisory, BDO Chartered Accountants, TN Cybertech Bank, and First Transfer Secretaries.

Econet InfraCo lists on VFEX

Business Times 27 March 2026

ECONET Wireless Zimbabwe has listed its infrastructure subsidiary, Econet InfraCo, on the Victoria Falls Stock Exchange (VFEX), bringing to a close a corporate restructuring that separates the group’s real estate and passive telecommunications assets into a standalone, publicly traded entity.
The milestone listing marks a strategic shift by the telecoms giant to unlock value from its infrastructure portfolio, while positioning InfraCo as a focused, asset-backed investment vehicle.
Following the distribution, Econet InfraCo’s shareholding structure will comprise 70% held by Econet and 30% by public shareholders, meeting the VFEX’s minimum free float requirements.
The newly listed entity will operate as an integrated real estate and infrastructure company, housing Econet’s property portfolio, passive telecommunications infrastructure, and renewable energy assets under one roof.
Speaking at the listing ceremony in Victoria Falls, Finance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube, hailed the development as a strong signal of capital market evolution.
“We are excited on this momentous occasion as we celebrate the listing of Econet InfraCo on the Victoria Falls Stock Exchange,” said Professor Ncube.
“The listing of Econet InfraCo is a statement that our capital market is growing.”
Professor Ncube added that Zimbabwe’s macroeconomic framework remains on a stabilisation path despite global headwinds.
“Even with the Middle East conflict, we still feel that we will be able to maintain single-digit inflation right through the year. We are very happy with this achievement and want to protect it, ensuring it becomes the new normal going forward,” he said.
“In line with these objectives, Government remains resolute in its commitment to creating an enabling and stable macroeconomic environment, strengthening institutions, and investing in critical infrastructure to unlock private sector capital and drive growth.”
He further noted that the listing reflects increasing sophistication within Zimbabwe’s capital markets.
“This is a milestone that underscores the growing sophistication of our stock exchange. It demonstrates that our regulatory framework is robust, ensures investor protection and accountability, and is flexible enough to accommodate innovative and complex corporate structures.”
The VFEX’s US dollar-denominated trading platform, tailored for export-oriented and asset-backed businesses,was identified by the Econet board as the most suitable listing venue for InfraCo’s business model.
According to a shareholder circular, valuation metrics applied to Econet InfraCo’s projected earnings point to an enterprise value of approximately US$1 billion, translating to an implied share price of US$0.33.
The listing is expected to deepen VFEX liquidity, while offering investors direct exposure to Zimbabwe’s growing infrastructure and real estate sectors.

Econet InfraCo to set up Industrial Park in Harare

The Financial Gazette 18 December 2025

ECONET InfraCo, the infrastructure company being spun out of Econet Wireless Zimbabwe, is set to build a 300-hectare industrial Park near Robert Mugabe International Airport in Harare.

The group plans to convert the large piece of land into a modern industrial park that will ultimately be supported by 100 MW of solar power. The facility, the company said, will also include a large Data Centre facility.

The company said the idea behind the industrial park was to create facilities for businesses that want to take advantage of proximity to the airport for manufacturing and exports.

“Our vision is to create infrastructure, such as power and water facilities, needed for a modern industrial park. It will make it easier for investors to come in and take advantage while creating jobs,” Econet Group chief executive, Douglas Mboweni, said.

He said Econet InfraCo is developing the project in phases – including phased-deployment of the 100 MW of solar power – in response to demand, adding that work had already started on the first phase of the entire project.

Once the necessary development approvals have been obtained, the company’s 300 hectares of land will easily be one of the most ambitious private developments since Independence, and will support the government’s national plans for industrial development.

In addition, Mboweni said the project is one of several major projects that the Econet Group founder, Strive Masiyiwa, had already given the green light for

“This is going to be huge, and we will soon be presenting our plans to the Government,” Mboweni said.

He disclosed the plans following the public unveiling of Econet InfraCo, which he stressed was not a new business, but had always existed as one of the business units of Econet Wireless.

It had, until now, operated primarily to support Econet’s own vast infrastructure requirements.

In a cautionary statement this week, Econet announced plans to list Econet InfraCo on the Victoria Falls Stock Exchange, subject to shareholder and regulatory approvals.

Econet shareholders approve ZSE exit, InfraCo restructuring

The Herald 27 February 2026

Minority shareholders of Econet Wireless Zimbabwe Limited (both institutional and retail) have voted overwhelmingly to approve the group’s voluntary delisting from the Zimbabwe Stock Exchange (ZSE), with all resolutions attracting over 95 percent support at an Extraordinary General Meeting held in Harare.

The special resolution to delist and migrate to an Over-the-Counter (OTC) trading platform was approved by 95 percent of minority votes, with the majority shareholder voluntarily electing to be recused from this vote.

Shareholders approved the Exit Offer at 96.6 percent, entitling investors to US$0.50 per share – comprising US$0.17 in cash and US$0.33 through the issuance of one Econet InfraCo ordinary share per Econet share tendered.

Two other resolutions relating to amendments to the Articles of Association and authority granted to directors to implement the transaction, each received 97, 3 percent approval.

Econet InfraCo base stations provide lifeline for rural clinics

The Herald 16 February 2026

Econet InfraCo, the infrastructure arm of Econet Wireless Zimbabwe, has been turning some of its remote base stations into solar power hubs for rural hospitals and clinics.

The initiative, launched last year, provides free electricity to health facilities located within five kilometres of the company’s base station.

For clinics that previously relied on erratic generators or had no power at all, the impact has been immediate and transformative. Vaccines remain safely stored, emergency procedures can continue without interruption, and mothers giving birth at night are no longer left in the dark.

At a small clinic in the Zvishavane District in the Midlands, nurses describe the difference as life-changing.

“Before, we had to limit treatments when the power went out,” said one. “Now we can run our fridges, lights, and medical equipment without worrying about blackouts.”

The programme, run in partnership with the Higher Life Foundation, has already connected several clinics, with plans to expand further.

By integrating electricity supply into its base station network, Econet InfraCo is leveraging existing infrastructure for a purpose that goes beyond connectivity, demonstrating how private sector innovation can compliment public service delivery.

Dr Douglas Mboweni, Group CEO of Econet Wireless Zimbabwe, said the initiative could serve as a model for other African countries facing similar rural healthcare challenges. “When infrastructure can serve communities in more ways than one, we are not just building towers; we are building lifelines,” he said.

Econet InfraCo is also exploring additional projects, including the construction of small footbridges to improve rural access.

“We can put up bridges to help women and children cross rivers safely while attending to base stations,” Dr Mboweni said.

“These bridges would improve access to schools, clinics and markets, particularly during the rainy season when flooded rivers often cut off communities from access to markets and service delivery centres.”

Unlike traditional corporate social responsibility programmes, Econet’s initiatives are embedded into annual budgets and operational structures, with full-time staff dedicated to social impact.

“Our commitment goes well beyond one-off donations,” Dr Mboweni said, citing the company’s work with education programmes in Zimbabwe and health and education support in Lesotho.

As rural clinics gain access to reliable electricity, patients and staff are experiencing firsthand how a private company’s infrastructure can deliver both connectivity and social impact at the same time.

Econet’s historic $1bn IPO to reshape Zim telecoms

IT Web Africa 5 February 2026

Zimbabwe’s telecoms sector is on the brink of a historic capital markets moment as Econet Wireless prepares to spin off and list its infrastructure arm, Econet InfraCo, at a headline valuation of US$1 billion.

The jaw-dropping figure positions the transaction as potentially the largest IPO in the country’s history and one of the most consequential restructurings since the operator first joined the Zimbabwe Stock Exchange (ZSE).

Founded by Zimbabwean telecoms billionaire Strive Masiyiwa, Econet’s 1998 ZSE listing symbolised a new era of private sector telecoms investment.

Nearly three decades later, the group is once again reshaping the market, this time by separating its capital-intensive infrastructure assets to unlock value and align with a global telecoms trend increasingly visible across Africa.

At the heart of the deal is a revaluation of Econet’s underlying assets. According to the shareholder circular, the group’s implied structure now comprises two pillars: Econet Wireless’ core mobile and digital services business, valued at roughly US$507 million, and the newly independent InfraCo, valued at US$1 billion.

The infrastructure unit consolidates towers, property holdings and renewable energy assets, segments traditionally hidden within the telecom balance sheet.

“This reflects the intrinsic value of the Group’s real estate, passive telecommunications infrastructure and renewable energy assets,” Econet said in its circular. It argues that the separation allows infrastructure to be priced and managed on its own growth fundamentals.

InfraCo will debut on the US dollar-denominated Victoria Falls Stock Exchange by introduction, meaning no fresh capital is raised immediately.

Instead, shares are distributed to existing investors to crystallise value while giving the new entity freedom to attract specialised infrastructure capital over time.

Strategically, InfraCo is designed to become more than a landlord to its parent. A long-term anchor tenancy with Econet Wireless ensures stable, USD revenues from tower infrastructure, while management plans to pursue infrastructure sharing with other operators.

Its real estate ambitions are anchored by the proposed 1 000-acre Econet Industrial Park near Harare, effectively a data, logistics and industrial ecosystem that could support future digital infrastructure expansion.

The energy division is expected to evolve from internal site power solutions into a broader renewable energy platform serving national clients.

The listing is tied to a shareholder vote that would see Econet Wireless delist from the ZSE main board and migrate to an over-the-counter platform, a move the company says is aimed at protecting shareholder value amid persistent valuation discounts compared to African telecom peers that have already separated tower assets.

By carving out its infrastructure into a standalone, dollar-denominated vehicle, Econet joins regional heavyweights, MTN Group, Vodacom, Airtel Africa and Orange Middle East & Africa, that have unlocked infrastructure value to power digital expansion.

Econet Reshapes Group Structure with ZSE Delisting and $1.08bn InfraCo Spin-Off

Tech Africa News 5 February 2026

Overall, this corporate action is expected to reshape Zimbabwe’s telecom landscape by creating two clearly defined entities: a nimble, service-focused telecommunications operator and a capital-intensive, revenue-generating infrastructure company, each with distinct growth trajectories and investor propositions.

Econet Wireless Zimbabwe  is preparing for a landmark corporate restructuring that will see the company voluntarily delist from the Zimbabwe Stock Exchange (ZSE) and list its infrastructure subsidiary, Econet InfraCo, on the Victoria Falls Stock Exchange (VFEX) in a transaction valued at $1.078 billion. The move comes as a response to a longstanding “market valuation disconnect,” where Econet’s intrinsic value has not been fully reflected in its ZSE-traded price, and aims to provide clearer valuation and growth prospects for its various business segments.

As part of the restructuring, Econet plans to delist its 2.99 billion ordinary shares from the ZSE. After the delisting, any trading of Econet shares will take place on an Over-The-Counter (OTC) platform operated by the VFEX, providing shareholders with continued liquidity options outside the main exchange.

Shareholders who opt not to retain their holdings in the unlisted Econet will have the opportunity to participate in an Exit Offer. This offer is structured as a “single, indivisible consideration” comprising US$0.34 in cash per share and 66% in shares of the newly listed Econet InfraCo, valued at US$0.33 per Econet share. This arrangement allows shareholders to maintain exposure to the new infrastructure business while also accessing immediate cash value.

Econet InfraCo, valued at approximately $1.078 billion, will consolidate the group’s real estate, passive telecommunications infrastructure—including towers—and renewable energy assets. The entity represents Zimbabwe’s first integrated real estate and telecommunications infrastructure platform, designed to operate as a standalone, income-generating company with long-term, USD-denominated contractual revenues.

The strategic rationale behind the restructuring is to enhance valuation transparency by unbundling the capital-intensive infrastructure from the active telecommunications operations. This separation allows the telecom business to focus on core digital services such as mobile connectivity and fintech, while Econet InfraCo can be independently valued and financed based on its distinct risk and return profile. By listing on the VFEX, Econet InfraCo benefits from a USD-denominated market environment, positioning it for greater investment appeal and stability.

Overall, this corporate action is expected to reshape Zimbabwe’s telecom landscape by creating two clearly defined entities: a nimble, service-focused telecommunications operator and a capital-intensive, revenue-generating infrastructure company, each with distinct growth trajectories and investor propositions.’

Econet Begins Regulatory Talks on Proposed Delisting and InfraCo Listing

Tech Africa News 7 January 2026

The company disclosed that the engagements are aimed at facilitating the publication of a circular to shareholders detailing the proposed delisting of Econet Wireless Zimbabwe and the simultaneous listing of Econet Infrastructure Company (Econet InfraCo) on the Victoria Falls Stock Exchange (VFEX).

Econet Wireless Zimbabwe Limited  has announced that it has commenced engagements with the Zimbabwe Stock Exchange (ZSE) regarding the proposed voluntary delisting of the company. The update follows earlier cautionary announcements issued on 3 December 2025 and 15 December 2025.

The company disclosed that the engagements are aimed at facilitating the publication of a circular to shareholders detailing the proposed delisting of Econet Wireless Zimbabwe and the simultaneous listing of Econet Infrastructure Company (Econet InfraCo) on the Victoria Falls Stock Exchange (VFEX). Econet InfraCo will hold the Group’s real estate, telecommunications tower, and renewable energy assets.

Econet said the shareholder circular will be published once all necessary regulatory discussions and approvals have been concluded. The document will outline the full terms, structure, and implications of both the proposed delisting and the planned InfraCo listing.

In the interim, shareholders have been advised to continue exercising caution when dealing in the company’s securities until further details are formally released.’’

Econet appoints former executive Fayaz King to lead US$1bn infrastructure subsidiary

The Herald 11 February 2025

Mr King, a distinguished executive and business leader who left the company in 2019 to take up a post as an Assistant Secretary General at the United Nations Children’s Fund (UNICEF), will assume the role with effect from 1 March, 2026.

Econet InfraCo is set to list on the Victoria Falls Stock Exchange (VFEX) at the end of March, when shareholders approve a migration of parent company, Econet Wireless from the Zimbabwe Stock Exchange (ZSE) to an Over-the-Counter platform on the VFEX.

In a circular published to shareholders last week, the company revealed , for the first time, that Econet InfraCo, which has until now operated as a division within Econet, generates revenues of almost $150 million and EBITDA (earnings before interest, taxes, depreciation and amortisation) of more than $50 million.

The company has no debts, as all debt is carried by the parent company. Its strong financial position is a key reason independent experts have set its value at US$1billion.

Analysts have also observed the similarities of Econet Infraco’s business model with a real estate business because its operations involve the leasing of towers, power, land and buildings.

Its income is in US dollars, making it perfect for the VFEX. It is understood that during the hyper-inflationary period Econet used real estate investments as a way to hedge its balance sheet.

It currently has a strong real estate portfolio of land and buildings across the country which now form part of the infrastructure company. It can now freely develop these properties or dispose of them as it sees fit.

Econet Infraco has already announced plans to build an Industrial Park on a 300-hactare piece of land that the company has been holding near Robert Gabriel Mugabe International Airport in Harare.