Trustco Group Holdings Limited says it has submitted an application to list its ordinary shares on the Nasdaq Stock Market (Nasdaq) under the ticker TRCO.
This move positions Trustco to make history as the first Namibian company to list on Nasdaq, marking Namibia as the 46th country represented on the exchange.
“As we prepare to list on Nasdaq, we carry with us not just our company’s ambitions but the aspirations of our country to become an economic powerhouse on the African continent, committed to the ideals of constitutional democracy as well as free and fair markets,” said Trustco CEO Quinton Van Rooyen.
The planned Nasdaq listing aims to increase Trustco’s exposure to U.S. capital markets, which collectively account for over half of the world’s equity market capitalisation.
Currently, Trustco’s shares are listed on the Namibian Stock Exchange (NSX) and the Johannesburg Stock Exchange (JSE).
Once approved, Nasdaq will serve as Trustco’s primary listing, with JSE and NSX as secondary listings.
“As a conduit for investors seeking exposure to high-quality African assets, we believe the addition of a primary Nasdaq listing will not only help drive wealth creation for shareholders but also allow us to capitalise on new opportunities while contributing to the continent’s overall economic development. In October 2024, the Nasdaq was the largest stock exchange worldwide by value of electronic order book share trading,” he said.
With 35% of Trustco’s shareholder base already in the United States, the Nasdaq listing is expected to enhance liquidity and facilitate better price discovery for Trustco’s securities.
Current shareholders on the JSE and NSX will retain their holdings and status as these markets shift to secondary listings.
The company said it will continue to update shareholders on the Nasdaq listing process, which includes obtaining JSE shareholder approval and filing with the U.S. Securities and Exchange Commission.
Trustco is a Namibia-headquartered company with operations in insurance, investments, resources, and finance.
