Van Rooyen in huge loan agreement with Trustco
Quinton van Rooyen, managing director of Trustco Group, and his investment vehicle, Nexus Investments, have entered into a loan agreement to provide a loan of up to N$1 billion to the company.
In an announcement today on the Namibian Stock Exchange (NSX), Trustco said the loan is repayable on 31 March 2024.
According to Trustco, the capital amount is earmarked to be deployed for growth throughout the Trustco Group of companies, but primarily in the resources segment, the banking and finance segment, as well as the insurance segment.
Stating the rationale for the loan, the company said: “Namibia, where the bulk of Trustco´s operations are located, experienced nine consecutive quarters of negative economic growth. This transaction will bolster growth capital for Trustco, Namibia and the other countries in which it operates.”
Trustco is dual-listed on the Overall Index of the NSX. It closed today at N$7.50 per share, down 14.5% from Friday’s closing price.
In an announcement today on the Namibian Stock Exchange (NSX), Trustco said the loan is repayable on 31 March 2024.
According to Trustco, the capital amount is earmarked to be deployed for growth throughout the Trustco Group of companies, but primarily in the resources segment, the banking and finance segment, as well as the insurance segment.
Stating the rationale for the loan, the company said: “Namibia, where the bulk of Trustco´s operations are located, experienced nine consecutive quarters of negative economic growth. This transaction will bolster growth capital for Trustco, Namibia and the other countries in which it operates.”
Trustco is dual-listed on the Overall Index of the NSX. It closed today at N$7.50 per share, down 14.5% from Friday’s closing price.
Comments
Namibian Sun
No comments have been left on this article