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Quinton van Rooyen bought a small Namibian property company for N$100 in 1992, built Trustco into a triple-listed financial services group, and has spent the last decade fighting to keep it from being taken from him.
Trustco shareholders rejected Riskowitz's bid to replace the board, a second failed attempt in six months to remove Namibian tycoon Quinton van Rooyen.
Quinton van Rooyen's Trustco Group has received a formal legal demand from a major shareholder to convene a meeting and replace its entire board.
Meya Mining secured a $25 million Ecobank facility that Trustco says will fund new equipment and speed diamond output in Sierra Leone.
Riskowitz Value Fund has called a Feb. 16 meeting to replace Trustco’s board, escalating a long, messy fight with founder Quinton van Rooyen.
Trustco rejects Riskowitz’s takeover move, calling the bid invalid after nominees refused required vetting.
The JSE imposed a ZAR 5 million fine on Trustco and flagged “unacceptable” conduct tied to the sale of its mining arm without shareholder consent.
Trustco’s founding family weighs $281 million offer from Cayman-based investor, tied to U.S. listing ambitions and $250 million debt financing.
Trustco loses court bid as Namibia upholds NAD305.5 million ($16.7 million) tax recovery.
The move comes after Trustco revealed that it is considering delisting from the Johannesburg Stock Exchange as part of its plan to pursue a direct listing on Nasdaq.
The new shares were allocated to Riskowitz Value Fund on Jan. 21, 2025, marking the first tranche of the acquisition.
Trustco Group considers delisting from the JSE, NSX, and OTCQX to streamline operations, focus on growth, and pursue broader international opportunities.
Van Rooyen, the company’s largest shareholder with 377.2 million shares, has lost R67.9 million ($3.9 million) in market value this year.
Ecobank Nigeria faces a $200-million capital adequacy shortfall, risking financial stability and seeking urgent creditor support to avoid default
