Trustco Group Holdings Limited, announced that it has submitted an application on 11 November 2024 to list its ordinary shares on the Nasdaq Stock Market (Nasdaq) under the ticker TRCO.
Trustco submitted the application in connection with the proposed direct listing of its ordinary shares on Nasdaq in addition to its current listings on the Namibian Stock Exchange (NSX) and the Johannesburg Stock Exchange (JSE).
Trustco expects to make history as the first Namibian company to be listed on Nasdaq, marking Namibia as the 46th country represented on Nasdaq. Trustco expects that its planned Nasdaq listing will offer greater exposure to U.S. capital markets, which represents more than half of the world’s global equity market capitalization, while maintaining secondary JSE and NSX listings.
Approximately 35% of Trustco’s shareholder base is already comprised of U.S. investors. Existing shareholders on the JSE (exceeding 2,100) and NSX (exceeding 2,200) will maintain their status as these become secondary listings. The Nasdaq listing is expected to increase the liquidity and improve price discovery of Trustco’s securities.
“When we embarked on our journey more than three decades ago in Windhoek, Namibia, we had a mission to support the growth and prosperity of our young nation,” commented Dr. Quinton van Rooyen, CEO of Trustco. “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. “
“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 capitalize on new opportunities while contributing to the continent’s overall economic development. In October 2024, the Nasdaq was the largest stock exchange worldwide by value of electronic order book share trading,” concluded Dr. van Rooyen.
Shareholders will be updated on the progress of the planned Nasdaq listing, including filings with the U.S. Securities and Exchange Commission (SEC) and, if and when available, the anticipated date of listing. In terms of the current listing requirements under the JSE, an affirmative shareholder vote of 50% plus one vote, excluding the controlling shareholder, is required to approve the planned listing on Nasdaq, and a circular will be submitted to shareholders to request approval for the changing of Trustco’s ordinary shares primary listing from the JSE to Nasdaq.