Econet Wireless has assigned a US$1 billion valuation to its newly established infrastructure subsidiary, Econet InfraCo, ahead of its planned listing by introduction on the Victoria Falls Stock Exchange (VFEX).
This valuation, determined with input from external financial advisors and announced in early 2026, positions the listing as potentially the largest initial public offering in Zimbabwe’s capital markets history.
The separation isolates capital-intensive assets into passive telecommunications infrastructure (towers), a substantial real estate portfolio, and rapidly expanding renewable energy operations from Econet’s core mobile telecommunications business.
This results in an implied market capitalisation of approximately US$507 million for the remaining Econet Wireless entity, while InfraCo stands independently at US$1 billion.
Structure of Econet InfraCo and Asset Composition
Econet InfraCo comprises three primary pillars:
- Passive telecommunications infrastructure, including a portfolio of towers that will continue to serve Econet Wireless under long-term anchor tenancy agreements while pursuing co-location and sharing opportunities with other operators.
- A diverse real estate holding, notably featuring high-growth developments such as the 1,000-acre Econet Industrial Park near Harare International Airport.
- Renewable energy assets transitioning from internal power solutions to broader national provision, leveraging the nationwide site network to supply clean energy to external customers.
The listing will proceed by way of introduction, with no new capital raised from the public. Existing shareholders will receive InfraCo shares pro rata, enabling direct participation in the value unlocked from these assets.
Shareholder Value Unlocking and Corporate Restructuring
The transaction aims to crystallise the intrinsic value of Econet’s non-core assets, which have historically been undervalued within the integrated group structure.
By establishing InfraCo as a standalone entity, Econet adopts a global trend among major telecommunications operators toward an asset-light model, where the service-oriented mobile business operates with greater agility while infrastructure assets attract specialised, long-term investors focused on stable yields.
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A prerequisite for the InfraCo listing is shareholder approval via an Extraordinary General Meeting to voluntarily delist the core Econet Wireless shares from the Zimbabwe Stock Exchange (ZSE) main board and transition them to an Over-the-Counter system.
This shift would permit the company to implement a minimum share price mechanism and reduce exposure to ZSE volatility.
The controlling shareholder has been excluded from voting on this resolution to safeguard minority interests.
Upon completion, InfraCo will pursue independent growth strategies, including infrastructure sharing, real estate development, and expansion of renewable energy supply, while maintaining strategic ties to Econet Wireless.
Broader Market and Strategic Implications
The US$1 billion valuation benchmark highlights the significant embedded value in Econet’s infrastructure holdings and sets a precedent for similar restructurings in Zimbabwe’s capital markets.
The move to the VFEX, a USD-based exchange, enhances appeal to international and institutional investors seeking exposure to stable, infrastructure-driven cash flows in a frontier market context.
The separation enhances transparency, enables targeted capital allocation, and positions both entities to attract aligned investors: agile growth capital for the mobile business and yield-oriented capital for infrastructure.
Looking Ahead
Econet’s US$1 billion valuation of InfraCo and its planned VFEX listing by introduction offer a structured mechanism to unlock substantial shareholder value through asset separation.
Existing shareholders stand to benefit from direct ownership in a high-value infrastructure entity, while the core mobile business gains operational focus.
Subject to shareholder approval at the forthcoming Extraordinary General Meeting and regulatory clearances, this transaction could mark a landmark in Zimbabwe’s capital markets evolution.
As of February 5, 2026, the proposal reflects a strategic response to valuation dynamics and positions Econet for enhanced long-term growth across its diversified operations.
For the most current developments, refer to official Econet announcements and regulatory filings.
Econet Overview
Econet has established Econet InfraCo as a separate infrastructure subsidiary holding towers, real estate and power assets; the company plans to list InfraCo on the Victoria Falls Stock Exchange (VFEX) and voluntarily delist from the Zimbabwe Stock Exchange, offering existing shareholders an exit or allocation of InfraCo shares.
For contact and local enquiries, Econet InfraCo’s head office in Harare is at No. 2 Old Mutare Road, Msasa, and the phone line is +263 772 222 500.
Econet shareholders historically include prominent institutional holders and individuals, with Econet Global Limited (led by Strive Masiyiwa) as the largest shareholder before the planned delisting.
Details about the PIDG team and PIDG portfolios are unrelated to Econet; for Econet itself, investor relations and share transactions historically required a registered stockbroker on the Zimbabwe Stock Exchange.
For Econet careers, formal job listings are typically published on the company’s career site or via recruitment platforms; roles span technical, commercial, retail and corporate functions across Econet’s business units in Zimbabwe and the region. I can look up current openings if you’d like.
Ronnie Paul is a seasoned writer and analyst with a prolific portfolio of over 1,000 published articles, specialising in fintech, cryptocurrency, climate change, and digital finance at Africa Digest News.
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