Namibian tycoon Quinton van Rooyen gains $29 million in first week of 2022

Namibian tycoon Quinton van Rooyen has recorded a NAD451.8-million ($29 million) boost in his net worth in the first week of 2022 thanks to a double-digit growth in the market value of his majority stake in Trustco Group Holdings, a Namibian investment holding company.

Trustco’s share price has surged as of late, as investors intensified buying interest in the holding following its poor performance in 2021.

As of press time, Jan. 8, shares in the Namibian investment holding company were worth NAD1.7 ($0.10903) giving it a NAD2.75-billion ($176.4 million) valuation.

Since the start of the year, the company’s share price has risen from NAD1.25 ($0.08017) to NAD1.7 ($0.10903) at the time of drafting this report, accruing a staggering 36-percent gain for  shareholders.

As a result, the market value of van Rooyen’s 63.94-percent stake in the company increased from NAD1.22 billion ($80.49 million) to NAD1.71 billion ($109.5 million). This translates to a gain of NAD451.8 million ($29 million) for the multimillionaire businessman.

The recent $29-million gain will provide a cushion of sorts to the $190-million loss that he suffered in 2021 from his stake in the Namibian investment holding company.

In line with its status as a diversified investment holding majority owned and operated by the Namibian van Rooyen family, Trustco invests in high-quality world-class assets in the financial services and resources industries to create long-term sustainable growth for stakeholders.

Nearly two weeks ago, Billionaires.Africa reported that Meya Mining, a Sierra Leone-based diamond mining firm linked to the van Rooyen-led company, received $150 million from an unnamed first-tier global diamond producer.

The mining firm revealed that the investment would be deployed to revamp its production capacity to 1 million carats per annum over the next three years.