Trustco Group Holdings says its CEO and founding family shareholder, Quinton van Rooyen, has received a private acquisition offer from VeldBridge Holdings Ltd, a Cayman Islands-based investment company, for his entire shareholding and related debt assets valued at N$5.05 billion (US$ 281 million).
“The offer encompasses Dr van Rooyen’s entire shareholding in Trustco. Additionally, VeldBridge seeks to acquire debt assets, that include both interest-bearing and non-interest-bearing components, subordinated and first-ranked obligations, as well as secured and unsecured claims totalling NA$ 5,053,073,500 (US$ 281 million),” said Trustco’s Head of Public Relations and Communication, Neville Basson.
The Van Rooyen family currently holds 71% of Trustco’s long-term debt.
VeldBridge has also proposed providing up to N$4.5 billion (US$ 250 million) in debt financing to Trustco at rates not exceeding 6.5% per annum.
If accepted, the deal would require Trustco to withdraw its pending NASDAQ listing under the ticker “TRCO”, allowing VeldBridge to pursue its own listing on a senior U.S. exchange by the first quarter of 2026.
Trustco Managing Director Van Rooyen said the offer includes an equity exchange, where he or his nominee would receive over 7.3 billion common shares and 5,000 Series B preferred shares in VeldBridge, granting majority voting control.
He would join the VeldBridge board and be subject to a 12-month lock-up period after listing.
“The family has taken note of the offer. We will now engage with like-minded shareholders and debtholders, while pursuing the required regulatory clearances. Namibia recently attracted high value, long-term growth investment capital, and this is no different. Namibia and its people deserve the confidence that investors place in its prospects, because they earned it over a long time,” he said.
VeldBridge has also pledged to establish an independent foundation in Namibia with seed capital of up to N$90 million (US$ 5 million) to support local development.
The offer accroding to Trustco, is valid for 21 working days after formal notice from VeldBridge of its U.S. listing application or Trustco’s NASDAQ withdrawal.
The deal is subject to regulatory and foreign exchange approvals, and the signing of binding agreements.
