WATCH LIVE as Gambakwe looks at the latest developments at Econet where 96% of the Shareholders have voted for the delisting of the company.
HEADLINE 1
Masiyiwa returns after 23 years
Econet shareholders vote for de-listing from the ZSE. The Econet Wireless Zimbabwe delisting was approved by shareholders at the Extraordinary General Meeting (EGM) on February 26, 2026, with overwhelming support (around 95% of minority votes for the delisting resolution, and even higher for related items like the exit offer). Strive Masiyiwa and his controlling interests voluntarily abstained from voting.
Here’s what happens next, based on the approved plan and timeline:
- March 9, 2026 — The voluntary exit offer window closes. Shareholders had to submit irrevocable election forms by this date to choose one of two paths:
- Take the exit: Receive US$0.50 per share (a mix of cash ≈ US$0.17 + value in shares of the new Econet InfraCo entity ≈ US$0.33, structured as roughly one InfraCo share per Econet share).
- Stay invested: Remain a shareholder in the post-spin-off Econet Wireless (now focusing on mobile, fintech like EcoCash, etc.), which becomes an unlisted public company.
- If no election was made by the deadline, shareholders automatically stay in the company.
- March 31, 2026 — Key effective date for the transaction:
- Econet Wireless Zimbabwe delists from the Zimbabwe Stock Exchange (ZSE).
- Shares of the remaining Econet entity begin trading on an over-the-counter (OTC) platform facilitated by the Victoria Falls Stock Exchange (VFEX), with a floor price mechanism (tied to the US$0.50 exit level) to provide some protection against sharp drops.
- Econet InfraCo (the spun-off infrastructure arm holding towers, real estate, power assets, etc., with a headline valuation around US$1 billion) lists on the VFEX by way of introduction.
- Settlement of the exit offer payments occurs around this time.
- Controversial past deals like the 2003 acquisition of Mascom Botswana stake (allegedly to boost his stake above 50%) and subsequent asset movements to joint ventures that later collapsed.
- skeptics question whether these will deliver real liquidity in practice, especially for retail or institutional minorities.
- minorities are being “priced out” of future growth in the mobile/fintech business or the ambitious US$3 billion infrastructure/AI/Tech City vision.
- The ZSE CEO acknowledged the delisting signals the bourse’s inability to meet shareholder expectations, but others frame it as a symptom of deeper market issues rather than justification for exiting.
Econet Wireless Zimbabwe (now the “OpCo” or operating company) — The core telecoms and fintech business remains. No longer trades on the ZSE; instead, shares trade on an over-the-counter (OTC) platform facilitated/managed by the Victoria Falls Stock Exchange (VFEX). This entity advances the ambitious US$3 billion forward plan (AI infrastructure, Econet Tech City, solar/data centres, national projects like clinics/roads/electricity near towers).
Econet InfraCo (Econet Infrastructure Company Limited). Holds passive infrastructure assets: Telecom towers, real estate/property, power/energy assets (including renewables/solar), and related items. Valued at a headline ~US$1 billion. Listed on the VFEX by way of introduction (no new capital raise at listing; shares distributed as part of the spin-off/exit). Econet Wireless (OpCo) retains a controlling ~70% stake in InfraCo. Up to ~30% of InfraCo shares were allocated/used to settle the exit offer for tendering shareholders.
HEADLINE 2
A list circulating on social media claims that Wicknel Chivayo was issued a Kenyan passport by Kenya’s Immigration Services. Reports further allege that the order to issue the passport came from the Kenyan President. Some people believe the passport was given to Wicknel Chivayo to help the Kenyan President “steal” the 2027 elections. However, these claims have not been officially confirmed.Normally, for someone to apply for and receive a Kenyan passport, they must have a Kenyan national identity card or be registered on the e-Citizen system.
8 July 2025: Wicknel Chivayo’s application for a new “Ordinary” Kenyan passport (ID: 1111685723, listed as “WICKNEL MUJANDAANI CHIVAYO” or minor spelling variations) is recorded as “loaded” in an internal Directorate of Immigration Services document. This is the key date appearing on the leaked list that later sparked the story.
Throughout 2025–early 2026: Chivayo, a controversial Zimbabwean businessman frequently linked to ZANU-PF and graft allegations in Zimbabwe, makes multiple high-profile visits to Kenya. He is photographed meeting President William Ruto on several occasions (including at State House Nairobi and Sagana State Lodge). One such photo (Chivayo in a black suit standing beside a smiling Ruto on the steps of a government building with the Kenyan coat of arms) later circulates alongside the passport claims.
26 February 2026 (morning/afternoon): Kenyan activist and whistleblower Boniface Mwangi posts a screenshot of the leaked immigration list on social media (Instagram/X). The list shows dozens of recent passport applications/issuances, including several foreigners. Entry #6 is Chivayo’s July 2025 application. Mwangi and others allege the passports were fast-tracked on direct orders from State House via Immigration DG Evelyn Cheluget, bypassing standard requirements (Kenyan national ID, e-Citizen registration, and fees). Some posts claim the move is intended to help Ruto “steal” the 2027 Kenyan election.
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Notes
26 February 2026 – Morning/Afternoon: Extraordinary General Meeting (EGM) held in Harare (hybrid format). Minority shareholders vote to approve delisting from the Zimbabwe Stock Exchange (ZSE). Masiyiwa and his majority interests voluntarily abstain from voting, even though they were legally entitled to participate.
26 February 2026 – During/after EGM: Masiyiwa delivers his first public address in Zimbabwe in 26 years. Key themes:
- Defends the delisting as a “right to leave” because the ZSE no longer serves issuers or reflects true value.
- Pays emotional tribute to Mrs. Gatsi and other loyal minority shareholders, rejecting suggestions to simply buy them out at the depressed price.
- Frames the company’s infrastructure work (clinics, police stations, roads, bridges, electricity within 5 km of towers) as patriotic duty.
26 February 2026 – Vision unveiled: Masiyiwa announces a US$3 billion forward-looking plan that includes:
- Massive 5G upgrade and preparation for 6G.
- Development of Econet Tech City (300+ tech companies, solar farm, data centres, etc.).
- Major capital expenditure on next-generation infrastructure.
- Continued national development projects while transitioning to a private company.
Looking ahead: Masiyiwa promises to address shareholders again next year and states the company will remain focused on Zimbabwe’s digital and physical infrastructure as “patriots.”
