Trustco considering JSE, NSX delistings

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 komada@tgh.na,” 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.

Trustco considering JSE, NSX delistings

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Republikein 2025-04-04

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Trustco considering JSE, NSX delistings

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