PROPERTY developer, First Mutual Properties Limited (FMP) is evaluating a potential delisting from the Zimbabwe Stock Exchange (ZSE), with the company warning that ongoing negotiations could materially affect the price of its securities.
This comes amid a movement of less than 1% in its market capitalisation on the ZSE, year to date, to US$45,74 million as of Wednesday, suggesting a subdued investor response.
Between 2023 and 2025, FMP’s listed performance was volatile.
FMP’s market capitalisation rose to US$57,8 million in 2023 alongside a US$93,32 million profit, climbing further to US$59,11 million in 2024 despite a fair value-driven loss, before retreating to US$39,36 million in 2025.
“The board of directors of First Mutual Properties Limited wishes to advise shareholders and the investing public that the company is currently engaged in negotiations and/or evaluating a potential transaction to delist from the Zimbabwe Stock Exchange, the outcome of which may have an effect on the price of the company’s securities,” FMP said in a statement.
“The transaction is still at a preliminary stage and remains subject to the conclusion of negotiations, execution of definitive agreements, and the receipt of the necessary regulatory and shareholder approvals, where applicable.”
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Accordingly, FMP advised its shareholders and the investing public to exercise caution when dealing in the company’s securities until a full announcement is made.
At the end of 2023, the company had reached a listed market capitalisation of US$57,8 million, a massive improvement from US$22,02 million recorded a year earlier.
During the 2023 financial year, FMP had recorded a profit after tax of US$93,32 million owing to a fair value adjustment gain on its investment properties.
However, the following year, FMP recorded a loss of US$57,28 million for its annual period ended December 31, 2024, owing to a fair value adjustment loss of US$52,57 million on its investment properties.
Despite this, FMP’s market capitalisation on the ZSE had improved to US$59,11 million in 2024, indicating investors were confident in the company’s underlying asset base and long-term rental income prospects, viewing the loss as largely non-cash and valuation-driven.
Investor sentiment paid off as FMP was heading towards a profitable 2025 financial year, swinging back into profitability in the nine months to September 2025.
This is because the firm posted a profit after tax of US$1,8 million during the period, from a US$60,3 million loss in the prior year, driven by fair value gains in its property portfolio.
Yet, a look at FMP market capitalisation as of December 15, 2025, saw its market capitalisation sitting at US$39,36 million, a significant drop from a year earlier.
“The company will issue further announcements in compliance with the Zimbabwe Stock Exchange Listings Requirements as and when there are material developments,” FMP said.