Trustco’s share price tumbles

Following the Bank of Namibia’s (BoN) announcement that it intends to bring an urgent application in the High Court of Namibia to liquidate Trustco Bank (TBN), Trustco Group Holdings’ (TGH) share price on the JSE today fell by 15.1%.

TGH, the sole shareholder of TBN, closed at 45c per share this afternoon, a drop of 8c compared to yesterday.

TGH’s shares has lost 64% of its value so far this year. It has plummeted by nearly 83% from its 52-week high of N$2.60 per share.