PH
Trustco Group, the investment holding company of Namibian businessman Quinton van Rooyen, has announced a loan repayment postponement as well as an update on its previously announced deal with Next Capital, a family investment vehicle.
Trustco secured a loan of NAD1 billion ($61.7 million) from Next, with a one-time cash payment due on March 31, 2024. Next had the option to extend repayment. Both parties agreed to prolong the repayment deadline until either negotiations resulted in a new arrangement or Next reversed the postponement.
In January 2019, Trustco and Next began discussions about a prospective merger. After debate, they altered the parameters and withdrew the first notification. Next Capital chose to defer the complete payments indefinitely, awaiting further agreement or revocation.
Floors Abrahams, Trustco’s financial director, stated that Next’s loan extension demonstrates their confidence in the company’s long-term growth strategy. We appreciate Next’s collaborative approach and openness to investigate a potential arrangement that might provide significant value for all investors.”
Trustco Group, led by the Van Rooyen family, has announced the withdrawal of the Next Option transaction, which was previously announced in September 2023. Following discussions in February 2024, the business mentioned continued negotiations with amended terms, including the option of converting the loan into stock. This move demonstrates the founders’ conviction in Trustco’s long-term vision and growth strategy.
Trustco Group is principally owned and managed by the Namibian Van Rooyen family, which owns 63.94 percent, or 1,004,000,060 ordinary shares. This significant stake makes the Van Rooyen family one of Namibia’s wealthiest.
The diversified investment holding firm focuses on high-quality assets in financial services and resources to ensure long-term growth. It has a historically excellent investment portfolio with a well-balanced asset allocation. The corporation has an average allocation of 34% in US dollar-denominated assets, with the remaining 66% invested in Namibian dollar-based assets.
