CHAMWE KAIRA
Trustco Group Holdings Limited shareholders have approved the N$469 million (US$26 million) equity acquisition of additional shares in Legal Shield Holdings Limited (LSH) at a general meeting held in Windhoek.
The transaction involves acquiring 1 135 shares from Riskowitz Value Fund LP (RVF), increasing Trustco’s stake in LSH to 91.35%.
Quinton Z van Rooyen, Deputy CEO of Trustco, stated: “The support from our shareholders validates our steadfast belief in Namibia’s economic potential. By deepening our commitment to the opportunities inherent in Namibia’s growing property and insurance sectors, we are not just investing in Trustco’s future but also contributing to the country’s broader economic and social development.”
He further acknowledged the delays encountered during the implementation of the transaction: “I would like to extend our sincere apologies to our shareholders for the protracted timeline caused by regulatory processes. Delays in implementing commercial transactions for any reason ultimately impact our ability to create and unlock shareholder value in a timely manner.”
The transaction, initially announced on 23 April 2024, underscores Trustco’s strategic focus on unlocking the significant potential of its real estate and insurance portfolio.
LSH’s assets include Trustco Insurance Limited, Trustco Life Limited, and a prime real estate portfolio spanning over 2 473 sellable hectares (6 112 acres).
The extensive land bank presents development opportunities for more than 26 000 mixed-use erven, providing meaningful solutions to Namibia’s acute shortage of serviced land.
This real estate portfolio has demonstrated its value-generating prowess, generating cash in excess of N$934 million (US$52 million) since 2011.
Trustco Group Holdings Limited owns subsidiaries engaged in diverse business activities spanning the real estate, mining, insurance, microfinance, and education sectors.
Trustco’s ordinary shares are listed in the JSE and in the NSX. Trustco’s American Depositary Shares are quoted on the OTCQX through its ADR program under the symbol “TSCHY.”
