VeldBridge eyes Trustco buyout, pledges $250m (N$4.5bn) financing
Buyout
The van Rooyen family has received a buyout offer from a firm in the Cayman Islands for its shareholding in Trustco.
VeldBridge Holdings, a Cayman Islands investment firm, has made a bold move to acquire the entire shareholding of Trustco Group Holdings’ founding family, led by group patriarch, Dr. Quinton van Rooyen, along with $281 million (N$5 billion) in debt assets. The deal, announced on August 8, 2025, also offers Trustco up to $250 million (N$4.5 billion) in financing and includes plans for a Namibian non-profit foundation.
The deal will also see Trustco having to withdraw its planned listing on Nasdaq.
“The family has taken note of the offer. We will now engage with like-minded shareholders and debtholders, while pursuing the required regulatory clearances. Namibia recently attracted high-value, long-term growth investment capital, and this is no different. Namibia and its people deserve the confidence that investors place in its prospects, because they earned it over a long time”, van Rooyen said of the offer.
According to information obtained on its website, VeldBridge identifies itself as specialising in identifying and acquiring undervalued assets across Namibia and the broader African continent. "As a Cayman Islands-incorporated holding company, we target opportunities overlooked by international markets while positioning for future Nasdaq listing to provide our shareholders with enhanced liquidity and global market access," it said on its website.
The offer remains valid for acceptance until 21 working days after VeldBridge formally notifies van Rooyen of its application to either Nasdaq or the New York Stock Exchange for listing approval or the withdrawal of Trustco's Nasdaq application, whichever date is last. Regulatory and foreign exchange approvals will be required where applicable. The transaction is subject to required regulatory approvals and definitive agreements being concluded on acceptance of the offer, of which the terms may vary from the offer.
The Board noted that VeldBridge is entitled to privately negotiate with any other Trustco shareholders to acquire some or all of their shares, while Trustco remains entitled to repurchase any
of its issued shares. The Board of Trustco acknowledges that this is a private offer made directly to Dr van Rooyen in his capacity as a shareholder and creditor and has not been asked to provide a recommendation on the offer at this time.
The deal will also see Trustco having to withdraw its planned listing on Nasdaq.
“The family has taken note of the offer. We will now engage with like-minded shareholders and debtholders, while pursuing the required regulatory clearances. Namibia recently attracted high-value, long-term growth investment capital, and this is no different. Namibia and its people deserve the confidence that investors place in its prospects, because they earned it over a long time”, van Rooyen said of the offer.
According to information obtained on its website, VeldBridge identifies itself as specialising in identifying and acquiring undervalued assets across Namibia and the broader African continent. "As a Cayman Islands-incorporated holding company, we target opportunities overlooked by international markets while positioning for future Nasdaq listing to provide our shareholders with enhanced liquidity and global market access," it said on its website.
The offer remains valid for acceptance until 21 working days after VeldBridge formally notifies van Rooyen of its application to either Nasdaq or the New York Stock Exchange for listing approval or the withdrawal of Trustco's Nasdaq application, whichever date is last. Regulatory and foreign exchange approvals will be required where applicable. The transaction is subject to required regulatory approvals and definitive agreements being concluded on acceptance of the offer, of which the terms may vary from the offer.
The Board noted that VeldBridge is entitled to privately negotiate with any other Trustco shareholders to acquire some or all of their shares, while Trustco remains entitled to repurchase any
of its issued shares. The Board of Trustco acknowledges that this is a private offer made directly to Dr van Rooyen in his capacity as a shareholder and creditor and has not been asked to provide a recommendation on the offer at this time.
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