Trustco Holdings has announced that it is considering delisting its shares from the Johannesburg Stock Exchange (JSE), the Namibian Stock Exchange (NSX), and the OTCQX Market in the United States.
The company’s Board disclosed that the process involves several critical steps, including obtaining a fairness opinion, engaging with the JSE regarding a potential suspension of share trading, and issuing a formal offer to shareholders.
“An independent expert is being engaged to provide an updated fairness opinion as prescribed under the JSE Listings Requirements,” the company said.
Trustco also revealed plans to engage with the JSE to request the suspension of share trading under Section 1.10 of the Listings Requirements. This measure aims to prevent information asymmetry in the market as three separate audit processes – in South Africa, Namibia, and under the U.S. Public Company Accounting Oversight Board (PCAOB) – are finalized.
According to the Board, the delisting proposal is expected to have a material impact on the company’s securities price. A formal offer to shareholders will outline the implications of the delisting, including its effect on previous transactions and corporate actions, as well as plans for a Nasdaq listing and compliance with regulatory requirements.
“The formal offer will provide shareholders with detailed information about the proposed delisting, including how previously announced transactions and corporate actions will be impacted under Namibian Company Law,” the Board noted. “It will also outline the planned direct listing on Nasdaq, announced on 21 November 2024, and address all requirements under the JSE Listings Requirements and Namibian Company Law.”
The announcement follows Trustco’s late-2024 application to list its ordinary shares on the Nasdaq Stock Market (Nasdaq) under the ticker TRCO.
If successful, Trustco will become the first Namibian company to be listed on Nasdaq, marking Namibia as the 46th country represented on the U.S. exchange. The company expects the Nasdaq listing to provide broader exposure to U.S. capital markets, which account for more than half of global equity market capitalization, while maintaining secondary listings on the JSE and NSX.
Trustco is a majority family-owned investment group headquartered in Windhoek, Namibia. The company operates in a diverse range of sectors, including insurance, education, real estate, mining, commercial banking, and microfinance.