Staff Reporter
TRUSTCO is spreading its wings further into the international funding world by becoming the first local company to issue the first Namibian warrants –97 427 000 shares to the value of more than N$2-billion — in favour of EVO, a Japanese fund — approved by the JSE.
The Group CEO of Trustco, Dr. Quinton van Rooyen, announced that within the next few days Trustco will become the first Namibian company to — in addition to its listings on the JSE and NSX — to also list on the OTCQX in the United States allowing for shares to be traded by US investors in US dollars around the clock.
On the OTCQX, Trustco will join great international corporate gaints in the league of Lufthansa, Nike, Anglo American and Zurich International Group, placing Trustco on a level playing field with a select few 456 corporates across 27 countries.
He pointed out that Trustco can expect an international financial credit upgrade with the Japanese EVO-fund coming in and exercising their warrants in the coming months, alongside the Trustco OTCQX-listing in the USA, unlocking new avenues for funding.
Dr. van Rooyen made the disclosure at the now iconic Trustco annual Top 40 event of the company where the best are elected by peers.
Dr. Van Rooyen said the company did not escape the tough times of an unprecedented 13 quarters of negative economic growth and the additional shackles of drought and Trustco also had to retrench 61 employees from its construction business, Air Services and South African operations.
“It was a tough few years here in Namibia and Trustco as foremost post-Independence corporate citizen did not falter. For us the old saying goes: “ Good times create weak people. Weak people create tough times. Tough times create good people and good people create good times.”
Some of the monumental achievements in one of the most financially challenged years in the Namibian history were also highlighted by Dr. van Rooyen who singled out some of the best performances as guidelines for the future that can even be more challenging.
Over the last year, Trustco not only perfected the Husso Transaction, but managed to make Trustco the first ever local company to restructure N$1-billion in foreign debt.
Dr. van Rooyen reminded the invited top 200 staff, international shareholders, experts and the various Trustco boards of directors that the N$1-billion shareholder loan from the family kept the company financed during the restructuring.
“Trustco will sharpen its focus to enhance the synergies between the different divisions of Namibia’s most influential and largest post-Independence companies.”
Trustco Properties has its Elisenheim Urban Village development coming up, as well as the Herboth’s Blick township approval, which means that synergies with Trustco Bank will underpin future growth.
Dr. van Rooyen envisaged that the new Unit Trust Businesses are looking towards establishing itself by leveraging the property investments going forward and it includes management looking at a local Namibian listing as well that will have all the potential to enable even broader based economic empowerment to Namibians as well.
The Elisenheim Urban Village ground-breaking demonstrates the strength of the property division and its ability to move forward with bigger and better development projects.
Dr. van Rooyen concluded by reminding staff, directors and investors that the Company is continuously looking to more acquisitions at home and abroad and therefore always challenge the future.
