Trustco intends to delist from the Namibia and Johannesburg Stock Exchanges respectively.
Trustco intends to delist from the Namibia and Johannesburg Stock Exchanges respectively.

Trustco considering JSE, NSX delistings

Trustco is considering delisting from the Johannesburg Stock Exchange and has requested shareholders to exercise caution when tradings its shares.
Ogone Tlhage
Trustco has signalled its intent to potentially delist from the Johannesburg Stock Exchange (NSX) as well as the Namibia Stock Exchange (NSX), and will in due course engage the JSE to request it to suspend share trading of its shares.

The company made the announcement in a cautionary notice on the JSE Stock Exchange News Service (SENS) this week.

“Trustco shareholders are hereby advised that the board of directors of Trustco are considering options to delist the Company from the JSE, NSX and the OTCQX Market in the United States (OTCQX),” Trustco said.

“An independent expert, as prescribed under the JSE Listings Requirements, is being engaged to provide an updated fairness opinion on the proposed delisting,” it added.

The company was in the process of suspending the trading of its shares.

“Management will be engaging the JSE regarding the formal delisting proposal and requesting the suspension of share trading on the JSE in terms of Section 1.10 of the Listings Requirements to prevent any asymmetry of information in the market as the three audit processes continue. The audit processes entail the South African, Namibian, and PCAOB audits,” Trustco said.

Shareholders in Trustco were further advised to exercise caution while trading in the company’s securities.

“The board is of the opinion that a formal delisting offer will have a material effect on the price of the Company’s securities. Shareholders are advised to exercise caution when trading in the Company's securities until further announcements about the future are made. Should you have any questions, please contact the company secretary at [email protected],” it said.

NSX CEO Tiaan Bazuin said the proposed delisting would not have any material effect on the bourse.

It will not affect the NSX at all,” Bazuin said.



Past troubles with the JSE

In November 2022, Trustco has been suspended from the JSE after a court dismissed its appeal against a finding by the local bourse that it wasn't properly complying with accounting standards.

The JSE "proactively" started investigating Trustco at the end of 2019. By November 2020, its probe had found that Trustco's financial statements did not comply with International Financial Reporting Standards or the JSE's own listing requirements.

As News24 reported that year, the probe found that Trustco had incorrectly booked a gain of R1.5 billion after its founder, South African-born Quinton van Rooyen, waived two loans he made to the group.

It ordered Trustco to restate its financials, which would have decreased the group's profit.

The JSE then threatened to suspend its shares.

Trustco has been listed on the JSE since February 2009.

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Namibian Sun 2025-02-14

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Six Nations: Scotland 18 vs 32 Ireland | England 26 vs 25 France | Italy 22 vs 15 Wales Premier League: Everton 2 vs 2 Liverpool Katima Mulilo: 18° | 28° Rundu: 18° | 28° Eenhana: 18° | 27° Oshakati: 19° | 27° Ruacana: 18° | 27° Tsumeb: 18° | 25° Otjiwarongo: 18° | 24° Omaruru: 19° | 29° Windhoek: 19° | 28° Gobabis: 19° | 22° Henties Bay: 18° | 22° Wind speed: 21km/h, Wind direction: W, Low tide: 10:40, High tide: 04:44, Low Tide: 22:43, High tide: 16:54 Swakopmund: 17° | 18° Wind speed: 17km/h, Wind direction: NW, Low tide: 10:38, High tide: 04:42, Low Tide: 22:41, High tide: 16:52 Walvis Bay: 18° | 21° Wind speed: 18km/h, Wind direction: NW, Low tide: 10:38, High tide: 04:41, Low Tide: 22:41, High tide: 16:51 Rehoboth: 21° | 30° Mariental: 24° | 35° Keetmanshoop: 26° | 37° Aranos: 21° | 33° Lüderitz: 15° | 27° Ariamsvlei: 24° | 39° Oranjemund: 15° | 23° Luanda: 26° | 29° Gaborone: 20° | 31° Lubumbashi: 17° | 21° Mbabane: 17° | 24° Maseru: 18° | 31° Antananarivo: 18° | 22° Lilongwe: 19° | 29° Maputo: 22° | 31° Windhoek: 19° | 28° Cape Town: 19° | 24° Durban: 21° | 24° Johannesburg: 18° | 30° Dar es Salaam: 26° | 32° Lusaka: 17° | 19° Harare: 17° | 23° Currency: GBP to NAD 23.06 | EUR to NAD 19.25 | CNY to NAD 2.53 | USD to NAD 18.35 | DZD to NAD 0.14 | AOA to NAD 0.02 | BWP to NAD 1.28 | EGP to NAD 0.35 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.64 | ZWL to NAD 0.04 | BRL to NAD 3.21 | RUB to NAD 0.2 | INR to NAD 0.21 | USD to DZD 134.95 | USD to AOA 912 | USD to BWP 13.83 | USD to EGP 50.59 | USD to KES 129.22 | USD to NGN 1509 | USD to ZAR 18.36 | USD to ZMW 28.15 | USD to ZWL 321 | Stock Exchange: JSE All Share Index 88717.13 Up +1.00% | Namibian Stock Exchange (NSX) Overall Index 1797.63 Up +0.36% | Casablanca Stock Exchange (CSE) MASI 16452.23 Up +0.33% | Egyptian Exchange (EGX) 30 Index 29997.11 Up +1.13% | Botswana Stock Exchange (BSE) DCI 10063.87 Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 882.51/OZ DOWN -0.0166 | Copper US$ 4.62/lb DOWN -0.0272 | Zinc US$ 2 857.30/T DOWN -0.07% | Brent Crude Oil US$ 75.04/BBP DOWN -0.0082 | Platinum US$ 1 002.04/OZ DOWN -0.0355 Sport results: Six Nations: Scotland 18 vs 32 Ireland | England 26 vs 25 France | Italy 22 vs 15 Wales Premier League: Everton 2 vs 2 Liverpool Weather: Katima Mulilo: 18° | 28° Rundu: 18° | 28° Eenhana: 18° | 27° Oshakati: 19° | 27° Ruacana: 18° | 27° Tsumeb: 18° | 25° Otjiwarongo: 18° | 24° Omaruru: 19° | 29° Windhoek: 19° | 28° Gobabis: 19° | 22° Henties Bay: 18° | 22° Wind speed: 21km/h, Wind direction: W, Low tide: 10:40, High tide: 04:44, Low Tide: 22:43, High tide: 16:54 Swakopmund: 17° | 18° Wind speed: 17km/h, Wind direction: NW, Low tide: 10:38, High tide: 04:42, Low Tide: 22:41, High tide: 16:52 Walvis Bay: 18° | 21° Wind speed: 18km/h, Wind direction: NW, Low tide: 10:38, High tide: 04:41, Low Tide: 22:41, High tide: 16:51 Rehoboth: 21° | 30° Mariental: 24° | 35° Keetmanshoop: 26° | 37° Aranos: 21° | 33° Lüderitz: 15° | 27° Ariamsvlei: 24° | 39° Oranjemund: 15° | 23° Luanda: 26° | 29° Gaborone: 20° | 31° Lubumbashi: 17° | 21° Mbabane: 17° | 24° Maseru: 18° | 31° Antananarivo: 18° | 22° Lilongwe: 19° | 29° Maputo: 22° | 31° Windhoek: 19° | 28° Cape Town: 19° | 24° Durban: 21° | 24° Johannesburg: 18° | 30° Dar es Salaam: 26° | 32° Lusaka: 17° | 19° Harare: 17° | 23° Economic Indicators: Currency: GBP to NAD 23.06 | EUR to NAD 19.25 | CNY to NAD 2.53 | USD to NAD 18.35 | DZD to NAD 0.14 | AOA to NAD 0.02 | BWP to NAD 1.28 | EGP to NAD 0.35 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.64 | ZWL to NAD 0.04 | BRL to NAD 3.21 | RUB to NAD 0.2 | INR to NAD 0.21 | USD to DZD 134.95 | USD to AOA 912 | USD to BWP 13.83 | USD to EGP 50.59 | USD to KES 129.22 | USD to NGN 1509 | USD to ZAR 18.36 | USD to ZMW 28.15 | USD to ZWL 321 | Stock Exchange: JSE All Share Index 88717.13 Up +1.00% | Namibian Stock Exchange (NSX) Overall Index 1797.63 Up +0.36% | Casablanca Stock Exchange (CSE) MASI 16452.23 Up +0.33% | Egyptian Exchange (EGX) 30 Index 29997.11 Up +1.13% | Botswana Stock Exchange (BSE) DCI 10063.87 Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 882.51/OZ DOWN -0.0166 | Copper US$ 4.62/lb DOWN -0.0272 | Zinc US$ 2 857.30/T DOWN -0.07% | Brent Crude Oil US$ 75.04/BBP DOWN -0.0082 | Platinum US$ 1 002.04/OZ DOWN -0.0355