CHAMWE KAIRA
Trustco is in the process of completing the US regulatory requirements to list on the Nasdaq Stock Market, the company announced.
Both the JSE and NSX have been notified of the company’s intention to move the primary listing to a direct listing on Nasdaq, in terms of their relevant listing requirements.
“The company intends to maintain secondary listings on the JSE and NSX. No action is required from shareholders at this time. Trustco has been publicly trading on the NSX for 18 years, and on the JSE for 15 years,” the company said.
In terms of Section 18.26 of the Listings Requirements, a SENS announcement providing full details of the move of the company’s primary listing and circular will be submitted to its shareholders to request approval for the changing of its primary listing from the JSE to the Nasdaq.
“In terms of the current listings requirements, a 50% plus one vote is required (excluding the controlling shareholder). When the primary listing change to Nasdaq is approved, existing shareholders on both the JSE (currently exceeding 2 100 shareholders) and the NSX (currently exceeding 2 200 shareholders) will be able to maintain their shareholding on these exchanges,” the company said.
The proposed direct listing on Nasdaq is intended to increase the company’s exposure to US capital markets, which represent 44.8% of global equity market capitalisation.
Currently, US investors comprise approximately 35% of Trustco’s shareholder base. Trustco said the move will deepen Trustco’s access to the world’s largest capital markets, and is expected to increase liquidity and improve price discovery of the company’s securities.
Earlier in August, Trustco announced its intention to upgrade its current American Depositary Receipts (ADR) programme.
Shareholders were advised that the company resolved to initiate the process to upgrade its primary listing to a direct listing on the Nasdaq Stock Market. The company has filed its initial application with Nasdaq on 11 November 2024 under the share code “TRCO.”
Trustco holds listings on the Namibian Stock Exchange (NSX), the Johannesburg Stock Exchange (JSE), and is quoted on the OTCQX Best Market in the United States.
“Upon completion of the process, Trustco will become the first Namibian company to have its securities traded on Nasdaq, making Namibia the 46th country represented on the exchange,” the company said.
Nasdaq is the most active stock trading venue in the US by volume and ranked second on the list of stock exchanges by market capitalisation of shares traded, behind the New York Stock Exchange.
The exchange platform is owned by Nasdaq, Inc, which also owns the Nasdaq Nordic stock market network and several US-based stock and options exchanges.
Although it trades stocks of healthcare, financial, media, entertainment, retail, hospitality, and food businesses, it focuses more on technology stocks.
Both American and foreign firms make up the exchange, with China and Israel being the largest foreign sources.
