JSE lifts suspension on Trustco's shares

March 23, 2023

The Johannesburg Stock Exchange (JSE) has lifted the suspension on the trading of Trustco Group Holdings.

The lifting of the trading suspension will also apply to shares listed on the Namibian Stock Exchange (NSX), where it has a dual listing, and the OTCQX Best Market.

"Trustco Group Holdings (Trustco) hereby announces that the Johannesburg Stock Exchange (JSE) has lifted the suspension on the trading of Trustco shares, effective immediately. The trading of Trustco shares on its secondary markets in Windhoek (NSX) and New York (OTCQX) has also commenced. This follows the publication of Trustco's restated audited Annual Financial Statements (AFS) for the period ending 31 August 2022, on 28 February 2023, with the independent auditors issuing an unmodified audit report. With a petition to appeal to the Supreme Court of Appeal (South Africa) having been lodged, the restatement was made without prejudice to Trustco's rights in law," the company said on Thursday.

Trustco said it is consulting with its over 5,100 individual and institutional investors to address any potential impact of the restatements.

 "We are pleased to have our shares reinstated for trading on behalf of all our investors," said Trustco CEO, Quinton van Rooyen.

Trustco and the JSE have been at loggerheads after the bourse accused the Namibian company of not complying with its Listings Requirements in relation to its Annual Financial Statements for the year ended 31 March 2019 and interim results for the 6 months ended 30 September 2019, and thus directed the company to take steps to rectify its non-compliance.

The Namibia-headquartered company has operations in insurance, investments, resources, and banking and finance.



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Last modified on Friday, 24 March 2023 09:51