Following the collapse of the failed Johannesburg Stock Exchange (JSE) Africa Board project, Trustco Group Holdings has announced a downgrade of its Namibian Stock Exchange (NSX) listing.
The company says the staus of its local listing will change from primary to secondary starting 16 July.
As a result of the move, the company's share price will no longer be reflected seperately as a local share price on the NSX but will reflect the share price on the JSE. Shareholders will now be able to buy or sell Trustco shares on both the NSX and JSE but, in order to trade on the South African bourse, shareholders will be required to dematerialise their shares.
A primarily listing for Trustco on the JSE Main Board is expected to help the company raise capital easily.
Trutsco became the first company to list on the JSE Africa Board in February 2009, obtaining a primary listing while maintaining a primary listing on the Namibian Stock Exchange. However, since the decision by the JSE to shelve the project early April after it failed to gain traction among African companies, bringing in only two companies, Trustco and Wilderness Safaris of Botswana, Trustco has now opted for a secondary listing on the NSX and a primary listing on the more prestigious JSE main board.