6 July 2012

Namibia: Trustco Downgrades NSX Listing

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.

Copyright © 2012 Namibia Economist. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.