Trading in the shares of Trustco resumed on the JSE after a more than three-year battle between the Namibia-based investment group and the local bourse regarding its financial results.
The suspension was also lifted on the Namibian Stock Exchange (NSX) and the OTCQX in New York.
Trustco last month published its restated audited annual financial statements for the year to end-August, which restated a N$1.5bn (R1.85bn) loan to Next Capital, the investment vehicle of the Van Rooyen family that holds a controlling stake.
“Trustco is taking measures, in consultation with its more than 5,100 individual and institutional investors, to address any potential impact of the restatements,” the company said. “The board is confident that these measures will ensure the growth in Trustco that investors have become accustomed to.”
Trading in Trustco was suspended in November as a result of the spat that dates back to November 2020 when the JSE said it had failed to comply with listing requirements and International Financial Reporting Standards in its 2019 annual and 2020 interim results.
CEO Quinton van Rooyen said on Thursday that the company, valued at R405m on the JSE, is now “pleased to have our shares reinstated for trading on behalf of all our investors”.
Its share price has fallen almost 80% over the past three years and more than 95% over the last five years.
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