Trustco targets Nasdaq listing

Trustco Group Holdings Limited on Monday submitted an application to list its ordinary shares on the Nasdaq Stock Market under the ticker ‘TRCO’.

Trustco is currently listed on the Namibian Stock Exchange (NSX) and the Johannesburg Stock Exchange (JSE).

The company expects that its planned Nasdaq listing will offer greater exposure to United States (US) capital markets, which represents more than half of the world’s global equity market capitalisation, while maintaining secondary JSE and NSX listings.

Approximately 35% of Trustco’s shareholder base is composed of US investors.

In a statement issued yesterday, Trustco said existing shareholders on the JSE (exceeding 2 100) and NSX (exceeding 2 200) will maintain their status as these become secondary listings.

“As we prepare to list on Nasdaq, we carry with us not just our company’s ambitions, but the aspirations of our country to become an economic powerhouse on the African continent, committed to the ideals of constitutional democracy, as well as free and fair markets,” Trustco chief executive Quinton van Rooyen said.

In October 2024, Nasdaq was the largest stock exchange worldwide by value of electronic order book share trading.

“As a conduit for investors seeking exposure to high-quality African assets, we believe the addition of a primary Nasdaq listing will not only help drive wealth creation for shareholders, but also allow us to capitalise on new opportunities while contributing to the continent”.

Trustco’s listing on Nasdaq is also subject to the approval of Nasdaq and the satisfaction of its applicable listing requirements.

The listing plan requires shareholder and Nasdaq approvals, adherence to listing requirements, and registration with the US Securities and Exchange Commission registration, with no securities offered or sold until registration is effective.