Trustco Group Holdings Limited has announced the formation of an independent committee to oversee its proposed delisting from the Johannesburg Stock Exchange (JSE), the Namibia Securities Exchange (NSX), and the OTCQX Market in the United States.
This comes as the company’s plans for a direct listing on the Nasdaq stock market.
The independent committee, composed solely of non-executive directors, will be chaired by Advocate Raymond Heathcote SC, the Independent Chairperson of the Board.
The committee according to company, is tasked with ensuring regulatory compliance, engaging shareholders, and overseeing the preparation of a fairness opinion by an independent expert.
Trustco CEO Quinton van Rooyen affirmed the company’s commitment to transparency and shareholder interests during the transition.
“The appointment of an independent committee underscores Trustco’s dedication to fairness and accountability. I have full confidence in the Board’s leadership and the expertise of the committee members to execute this process effectively,†van Rooyen said..
Trustco noted that it remains incorporated in Namibia and will continue to comply with Namibian legislation, including the completion of its audit for the Annual Financial Statements (AFS) for Fiscal Year 2024.
The group operates across multiple sectors, including insurance, education, real estate, mining, and microfinance.
