Table of Contents
Key Points
- Trustco faces potential delisting from the JSE as it pursues a Nasdaq listing, aiming to expand U.S. investor access and streamline its global market presence.
- It recently completed a $26 million acquisition of Legal Shield Holdings, reinforcing its financial services expansion and strengthening shareholder value.
- Trustco secured a $100 million investment from Riskowitz Value Fund, boosting its financial position despite declining net asset value per share.
Trustco Group Holdings (Trustco), an investment holding company led by Namibian businessman Quinton van Rooyen, is now at risk of suspension under the FTSE/JSE Ground Rules for delisting. The move comes after Trustco revealed that it is considering delisting from the Johannesburg Stock Exchange as part of its plan to pursue a direct listing on Nasdaq.
Trustco Group Holdings faces FTSE/JSE notice
On Feb. 20, 2025, the FTSE/JSE Africa Index Series issued a Suspended Companies Notice, warning that if the suspension lasts 20 business days, the firm will be removed with two days' notice, and its constituent value will be set at a nominal amount of 0.0001, underscoring the exchange’s stringent adherence to its trading standards and market integrity.
Earlier, on Feb. 4, Trustco announced an independent committee to oversee its planned delisting from the JSE, NSX, and OTCQX Market, paving the way for a Nasdaq direct listing amid its audits in South Africa, Namibia, and the U.S. as it aims to minimize shareholder disruption while ensuring compliance with trading standards set by the exchange to ensure that all listed companies maintain robust trading practices and comply with established regulations.
Trustco restructures amid South African regulatory hurdles
Even as Trustco navigates challenges in South Africa, it is pushing ahead with plans to list on Nasdaq, aiming to strengthen its market position and boost shareholder value. The move reflects a growing shift toward the U.S. market, where 35 percent of its investors are now based.
To support this expansion, the Windhoek-based firm is upgrading its American Depositary Receipts (ADR) program, making it easier for U.S. investors to access its shares. At the same time, Trustco has solidified its presence with the acquisition of a 91.35 percent stake in Legal Shield Holdings—a NAD469 million ($26 million) deal.
A recent $100 million investment from the Riskowitz Value Fund has further reinforced Trustco’s global ambitions. And while its net asset value per share has declined, the company still boasts NAD1.15 billion ($62.66 million) in shareholder equity, helping sustain investor confidence.
The road ahead for Trustco
Headquartered in Windhoek, Trustco operates in banking, insurance, property, and wealth management, boasting a diversified portfolio and robust assets in U.S. and Namibian dollars. The Van Rooyen family’s 69.8 percent stake ensures stability, driving innovation and securing key investments across Namibia’s corporate landscape.
Following its suspension in South Africa, Trustco is charting a new course under Quinton van Rooyen’s leadership—whose strategic foresight since 2017 has fueled bold expansions and transformative acquisitions—focusing on shareholder value, a Nasdaq listing, and an expanded U.S. market presence.
