The Johannesburg Stock Exchange (JSE) has again threatened to suspend Trustco Group Holding from trading if the Namibia-headquartered financial services conglomerate does not submit its provisional financial statements by the end of this month.
The JSE threat, made through a SENS announcement issued on Tuesday, comes at a time Trustco has been given the greenlight by its shareholders to delist from the regional bourse and seek fresh listing elsewhere.
In December last year, the group’s subsidiary, Trustco Resources, which owns a 65% stake of Sierra Leonean diamond miner, Meya Mining, with 35% owned by its local partner Germinate SL Limited, received a written US$150 million debt facility offer from a first-tier global diamond producer to scale production at the Meya Mining operations.
According to Trustco, the offer includes a proposed equity transaction to acquire a 55% stake in Meya Mining at a nominal price subject to conditions to be negotiated.
“This debt facility will be utilised for additional exploration as well as enable Meya Mining to scale production up to 1 million carats per annum over the next three-year period.”
Trustco says during the past five years, it has invested approximately US$115 million into the resource establishment and development of Meya Mining.