Home » Namibian tycoon Quinton van Rooyen sees $166.45-million loss as Trustco shares lose half their value

Namibian tycoon Quinton van Rooyen sees $166.45-million loss as Trustco shares lose half their value

by Omokolade Ajayi

The stake of Namibian businessman Quinton van Rooyen in Trustco Group Holdings Limited has declined by $166.45 million (R2.41 billion) so far in 2021, as the company’s shares drop below half their value.

The $167.92-million loss can be linked to a sell-off in the shares of the investment holding, which led to a share-price decline of 57 percent.

Trustco is a diversified investment holding majority owned and operated by the Rooyen family. It invests in high-quality, world-class assets in the financial services and resources industries to create long-term sustainable growth for stakeholders.

The group reported a loss of R252.61 million in the first six months of its accounting year ending March 31 on the back of a pandemic-induced disruption that triggered net foreign exchange losses.

The weak performance led the Trustco board of directors to implement measures to improve operational efficiencies. The board also declared that it had available undrawn funding facilities of $19 million across all segments as of March 31.

Despite this show of strength from the board, investors continue to sell down shares of the holding on the Johannesburg Stock Exchange since the start of the year, leading to a sustained decline in the share price.

As of press time, 12:30 pm (UTC+1), July 12, shares in Trustco were trading at $0.1243 (R1.80), or 57.14-percent lower than the opening price of $0.29 (R4.20).

Its market capitalization has lost about $267.92 million (R3.88 billion) of its value since Jan. 4, with its current valuation amounting to $200.94 million (R2.91 billion).

Van Rooyen, who is the majority owner of Trustco, has seen the market value of his ownership stake in the company decline by $166.45 million (R2.41 billion). 

Since the start of the year, the market value of his stake in the holding has declined from $291.28 million (R4.22 billion) to $124.84 million (R1.81 million).

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