CHAIRMAN’S STATEMENT
Dear Shareholder,
I am writing to you in my capacity as the Chairman of the Board of Directors of FMP to present and commend to you the proposed voluntary termination of listing of the Company’s Shares from the Zimbabwe Stock Exchange (“ZSE”).
FMP occupies a well-established position among Zimbabwe’s leading property investment and management companies, with a diversified portfolio of high-quality commercial, retail, and industrial assets spanning the country’s major urban centres. The Company has built its reputation on a disciplined approach to asset management, targeted capital investment, and a steadfast commitment to delivering value for its stakeholders. These foundations remain unchanged, and the Board wishes to assure you that the Proposed Transaction in no way diminishes the Company’s ambitions or its obligations to those who have invested in it.
The Board has given thorough and deliberate consideration to the question of the Company’s continued listing on the ZSE and wishes to acknowledge the important role the Exchange has played in the Company’s journey to date. Nevertheless, the Board has arrived at its considered view that a transition to a privately held company represents the most appropriate structure for FMP at this stage of its development.
As the Company matures and its strategic priorities evolve, the Board believes that the obligations and cost structures associated with maintaining a public listing are increasingly difficult to justify in the absence of a near-term requirement to access public equity markets. Unlisted, the Company will have greater operational flexibility, more efficient execution of corporate actions, and the ability to engage more effectively with long-term capital partners whose investment horizons are aligned with the nature of property investment.
The Board wishes to assure you that the highest standards of corporate governance, financial reporting, and stakeholder communication will be maintained following the Termination of listing. FMP will continue to operate with appropriate governance structures, and a commitment to transparency that reflects the trust you have placed in the Company’s leadership.
In order to provide all Minority Shareholders with a fair and structured opportunity to realise the value of their investment, FMP’s majority shareholder, First Mutual Holdings Limited is concurrently making an Offer to acquire the Shares of Minority Shareholders, which will be underwritten by Morgan & Co (Private) Limited. Full details of the Offer are set out in this Circular. The Board recommends that you consider the contents of this Document and vote in favour of the resolutions to be proposed at the Extraordinary General Meeting.
I thank you for your continued support of FMP and look forward to the Company’s next chapter with confidence.
[signed on original] Elisha K MoyoChairman
11 May 2026
