Gauteng Business News

Send  Share  RSS  Twitter  16 Feb 2009

Finance: Trustco Group First to List on Africa Board Of the JSE


Recent Gauteng Business News

Namibia based Trustco Group Holdings Limited (Trustco) today announced that the company will be the first to list on the newly created Africa Board of the JSE.

The announcement follows JSE approval for Trustco to go ahead with a dual primary listing on the Africa Board of the JSE on Thursday, 19 February 2009. The listing will coincide with the official launch of the Africa Board at the JSE on the same day.

Speaking from Johannesburg, Quinton van Rooyen, Group Managing Director of Trustco, says the Group’s listing on the Africa Board will enhance investor and public awareness of Trustco and its activities, enabling the Group to sell the Trustco products and expertise in Southern Africa and beyond. “We are well positioned to take full advantage of all listing benefits and strongly endorse the Africa Board’s vision to create wealth for Africa in Africa”.

Trustco is a high growth Namibian company with a core focus on micro – insurance and micro - financial services. Other activities include property developments, aircraft charter services, management services, publishing and printing. These investments do not only provide support and marketing services to the group, but also make their services available to the broader Namibian business community.

Trustco ranks fourth on the Namibian Stock Exchange with a market capitalisation of N$500 million (R500 million).

Referring to future prospects, Van Rooyen says Trustco realises that it has an important role to fulfill in the Southern African economy and strives to ensure that services and products are the best in the region. “Trustco has made substantial progress in this regard through continued development of its core segments, micro insurance and micro finance via product and systems development for its businesses”.

The Group’s revenue has increased from N$44 million in the 2004 financial year to more than N$283 million in the 2008 financial year. For the past 5 years Trustco’s HEPS has grown at least with 35% per annum.

Van Rooyen says the company is on record to have predicted growth consistent with previous years for the 2009 financial year. “The phenomenal growth is attributable to the various initiatives implemented by the Group in Namibia within the micro finance and micro insurance segments and the acquisition of Trustco Financial Services (TFS) (previously Dex Financial Services Pty Ltd) in South Africa”.

The greatest growth opportunities for TFS, says Van Rooyen, lie in the application of its unique methodologies and products to the target market. “The products and services benefit the emerging middle class and previously disadvantaged communities. The business of TFS is considered to be complimentary to certain of the services and products offered by Trustco. The acquisition of TFS will serve as a base and the first step in marketing the Group’s services and products within the South African market”.

But the key drivers to Trustco’s future growth, according to Van Rooyen, will be to build on the solid foundation it has established in Namibia, as well as the roll out of its operations into selected countries in Southern Africa.

The Group's latest creation is a new micro insurance product and an innovation in mobile telephony. Van Rooyen says Trustco Mobile looks set to become one of the Group’s most lucrative ventures. The product, a world first, was launched by Trustco in June 2008.

The premise of the Trustco Mobile concept is that it will cater for the between 60% and 70% of the SADC population that do not have life insurance. To this end the group intends to embark on further capital and debt raising exercises and acquisitions.

Van Rooyen points out that Africa, with a population of over 960 million and a mobile penetration rate of approximately 30%, is recognized as the region with the highest mobile cellular growth rate in the world. “70% of lives (+/- 150 million people) in SADC alone are non- or underinsured”.

He believes that top priorities for insurance companies in emerging markets are to increase the customer base (market penetration), enhance distribution networks and to retain key customers.

solarportBubble-ChairBusiness Profilesdecor-and-furniturejane-shonfeld

Online Foreign Exchange
Foreign Exchange


Fax 2 Email



Online Casino


Shop Online

Study IT
Study IT Online

Web design
Web Design


Work from Home
Company News


© 2020 All rights reserved.

Daily Newsletter Subscription


Subscribe to the Gauteng Business News Daily News and information email (it's free).

Thank You
Your email address has been added.

Email Address: