A long-term foreign investor in Econet Wireless Zimbabwe has thrown his weight behind the company’s decision to delist, describing it as “the best decision for all shareholders” after weeks of research and reflection.In a detailed letter addressed to fellow shareholders, Simon Tex Edwards — a New Zealand-based professional investor who has held Econet shares since its 1998 IPO — lays out a deeply personal and strategic case for supporting the move.
A 28-Year Investment Journey Edwards’ relationship with Zimbabwe dates back to 1993, when the country first opened its capital markets to international investors. He attended the inaugural investment conference hosted by Barclays Bank in Harare and went on to publish financial journals analysing Zimbabwe and broader African stock markets.
By the time Zimbabwe Stock Exchange became one of the best-performing emerging markets globally in 1996, Edwards was already studying Sub-Saharan Africa’s investment landscape closely.
He later worked for a specialist African investment fund, travelling frequently between London, New York, and African capitals in search of long-term infrastructure opportunities.It was during this period that he met Strive Masiyiwa, founder of Econet.
Betting on a Black African Entrepreneur Edwards recalls being driven around Harare by Masiyiwa in 1998, visiting cell towers and discussing the engineering and business fundamentals of GSM networks. What stood out was not just the technical model — but the mission.“He was pioneering servicing the entire community, not just the rich,” Edwards notes.When Econet listed in 1998, the stock initially struggled. It traded below perceived market value for more than six months, attracting limited local investor interest. International frontier investors, including a group led by Blakeney Management, stepped in to accumulate shares.
Edwards says he deliberately bought a large block of stock and “tucked it away for a 50-year cycle,” believing in the entrepreneur behind the business.That conviction proved rewarding. From a listing valuation of around $25 million, Econet grew into a multi-billion-dollar enterprise, navigating hyperinflation, currency crises, commodity cycles, droughts, and floods. By 2018, it had reached an estimated valuation of $2 billion — while simultaneously funding social impact initiatives through the Higherlife Foundation.
Why He Supports the DelistingNow, with Econet proposing to delist while remaining a public company trading via an OTC platform, Edwards believes the move is both pragmatic and protective.He describes the 50-cent offer price for shareholders who choose to exit as “very generous,” noting that the stock traded at just 8 cents a year ago. In his view, even half that premium would have compared favourably to similar transactions across African markets.
Crucially, he emphasises that no shareholder is being forced to sell.Econet has pledged to continue paying dividends and to provide liquidity mechanisms for shareholders who may wish to exit in the future.Unlocking Hidden Value: InfraCo and BeyondEdwards is particularly excited about the planned spin-off of Econet’s infrastructure arm, Econet InfraCo.
He argues that the market has failed to properly price the embedded value in the group’s passive infrastructure assets — especially at a time when many African telecom operators have already monetised or spun off their tower businesses.In his assessment, this restructuring could unlock significant dollar-based upside for long-term investors, particularly institutional holders such as pension funds.A Broader Capital Markets QuestionWhile firmly backing Econet’s move, Edwards raises broader concerns about Zimbabwe’s capital markets.
He suggests regulators should have engaged more deeply with foreign investors to understand why many exited so abruptly.Importantly, he stresses that long-term investors like himself stayed through Zimbabwe’s toughest economic cycles — implying that the issue is less about the country itself and more about structural market conditions and investor protections.He believes Econet could one day return to the local bourse — but only after meaningful reforms and credible guarantees restore broader investor confidence.
The Final Message: Stay for the Long TermEdwards is not selling.Instead, he urges fellow investors to think long term — to learn about emerging technologies such as data centres and next-generation networks, and to recognise the enduring value of entrepreneur-led African businesses.His closing call is unequivocal:“Vote to support the delisting.”
