Trustco – Windhoek Observer

10 Dec

Trustco board advisors vindicated by shareholder vote

ObserverObserver MoneyTrustco, TRUSTCO Group Holdings Ltd

Tujoromajo Kasuto TRUSTCO Group Holdings Ltd.’s minority shareholders have overwhelmingly endorsed and confirmed the board's accounting treatment and auditor's opinions on the group financial statements. This includes the loan forgiveness transactions of more than N$1.5 billion by Next Capital Ltd, Trustco’ s majority shareholder, in a non-binding advisory vote called by the Board of Directors. In the eyes of the minority shareholders, this vote effectively vindicates the actions of the board, the group auditors, and the independent accounting advisors. Minority shareholders were also asked to vote on whether Trustco should move its listing and, if necessary, delist for a period…

Trustco secures N$345m loan

ObserverUncategorisedCovid-19, German, Trustco, Trustco Finance, Trustco Group Holdings Limited

Staff Writer Trustco Finance, a subsidiary of Trustco Group Holdings Limited has secured a US$20 million (approximately N$345 million) loan from Deutsche Investitions Und Entwicklungsgesellschaft, a German development finance institution. The loan approval is, however, subject to a final agreement currently being drafted. The bulk of the facility will be used to provide student financing, offered by Trustco Finance, as well as enhancing the educational facilities offered by the Institute for Open Learning (Pty) Ltd (“IOL”), while funding will also be made available to existing students to restructure and refinance their existing obligations as part of the group’s COVID-19 relief…

Trustco plans to retrench 300

ObserverObserver MoneyNeville Basson, Quinton van Rooyen, Trustco

Staff Writer Trust Holdings (Trustco), a company majority owned by its billionaire Managing Director, Quinton van Rooyen is planning to retrench over 300 employees. Information gleaned by the Windhoek Observer shows the company has already started the process at its Morse Investment and Northern Namibia Development Company units , and has now also written to all its employees informing them of the management decision, which is being implemented as part of cost cutting measures. “Given the current circumstances, market conditions and probability that the global economy would deteriorate even further, the decision to retrench employees in several of the operating…