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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.
The new shares were allocated to Riskowitz Value Fund on Jan. 21, 2025, marking the first tranche of the acquisition.
Trustco Group considers delisting from the JSE, NSX, and OTCQX to streamline operations, focus on growth, and pursue broader international opportunities.
Van Rooyen, the company’s largest shareholder with 377.2 million shares, has lost R67.9 million ($3.9 million) in market value this year.
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The financial maneuver follows Trustco’s announcement of a new loan agreement that obviates the necessity for a previously issued cautionary statement.
This revelation follows Trustco’s divestiture of a 70-percent stake in the Meya Mining diamond mine to Sterling Global Trading last year, retaining a 19.5-percent interest.
The partnership aligns with Trustco’s active pursuit of new capital sources, particularly in the wake of the decline in its market capitalization in recent years.
Trustco is primarily owned and managed by the Namibian van Rooyen family, which holds a substantial 63.94-percent ownership stake, or 1,004,000,060 ordinary shares.
Van Rooyen, holding an impressive 63.94-percent stake in Trustco with 1,004,000,060 shares, stands out as one of Namibia’s wealthiest individuals.
Trustco detailed its plan to issue new shares to RVF through an option, solidifying RVF’s position as a key anchor investor with a cash injection of up to $50 million.
Van Rooyen’s stake in Trustco has declined by $21.37 million since Nov. 14.
Quinton van Rooyen, who owns a 63.94 percent stake in Trustco Group, is regarded as one of Namibia’s wealthiest individuals.