Trustco breaks NSX drought

TRUSTCO Group Holdings yesterday officially listed on the Namibian Stock Exchange (NSX), breaking a four-year drought on the primary listings board of the local bourse.

Trustco, a wholly owned Namibian company headed by businessman Quinton van Rooyen, brought in more than 2 800 subscribers through its initial public offering (IPO) which closed on September 21. The initial share price was set at N$3,20 per share.Fifty per cent of the shareholders are foreign investors, while more than 30 organisations were apportioned shares.Ringing a bell to announce and celebrate the listing was Prime Minister Nahas Angula, who congratulated Trustco on its endeavours.”This is the type of entrepreneurship which will free us from the poverty trap and help us to become a nation geared to create and share wealth,” said Angula.Following the listing, Trustco will have a market capitalisation of more than N$440 million.Van Rooyen’s stake in the company will be reduced to 70 per cent, and another 10 per cent of this will be allocated to a staff share scheme.Speaking on the sidelines of the main event, Van Rooyen told The Namibian that there had been differing views from analysts on the pricing of the shares – with some saying they had been overpriced and others saying they were under-priced.At the opening of trade in the morning, Trustco shares were at N$3,20 and by 16h00 had risen to N$3,60.Van Rooyen also expressed gratitude towards the Namibians, foreigners and companies that had faith in the company and had invested in it.The NSX turnover for 2005 was N$3,4 billion, which has risen significantly during this year, being quoted at N$4,8 billion as of last week Friday.Trustco Group Holdings has business interests in a number of areas including insurance, education and financial services.Other investments include property, property developments, aircraft charter services, management services, wholesale distribution, publishing and printing.The initial share price was set at N$3,20 per share.Fifty per cent of the shareholders are foreign investors, while more than 30 organisations were apportioned shares.Ringing a bell to announce and celebrate the listing was Prime Minister Nahas Angula, who congratulated Trustco on its endeavours.”This is the type of entrepreneurship which will free us from the poverty trap and help us to become a nation geared to create and share wealth,” said Angula.Following the listing, Trustco will have a market capitalisation of more than N$440 million.Van Rooyen’s stake in the company will be reduced to 70 per cent, and another 10 per cent of this will be allocated to a staff share scheme.Speaking on the sidelines of the main event, Van Rooyen told The Namibian that there had been differing views from analysts on the pricing of the shares – with some saying they had been overpriced and others saying they were under-priced.At the opening of trade in the morning, Trustco shares were at N$3,20 and by 16h00 had risen to N$3,60.Van Rooyen also expressed gratitude towards the Namibians, foreigners and companies that had faith in the company and had invested in it.The NSX turnover for 2005 was N$3,4 billion, which has risen significantly during this year, being quoted at N$4,8 billion as of last week Friday.Trustco Group Holdings has business interests in a number of areas including insurance, education and financial services.Other investments include property, property developments, aircraft charter services, management services, wholesale distribution, publishing and printing.