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Namibian businessman Quinton van Rooyen and other Trustco Group shareholders are beginning to recoup prior losses on their investment in the holding company, as shares rose sharply in response to the latest development in its legal dispute with the Johannesburg Stock Exchange (JSE).
Trustco, a diversified investment holding controlled by the van Rooyen family, invests in high-quality world-class assets in the financial services and resources industries to generate long-term sustainable growth for stakeholders.
As of press time on Aug. 17, shares in the leading financial services group were trading at R0.55 ($0.0333), 44.7-percent higher than their market opening price this month, as the Namibian firm recoups market losses on the JSE in July.
The increase in the firm’s share price follows a recent legal ruling against the JSE, in which a Pretoria High Court ruled that the company may not be suspended from the bourse until the hearing of its review application in September.
The court also prohibited the JSE from implementing or attempting to implement the decision that Trustco restate its annual financial statements for the fiscal year ending March 31, 2019, as well as the interim results for the six months ending Sept. 30, 2019.
While Trustco Group’s market capitalization has increased by more than 44 percent since the start of the year, van Rooyen’s 63.94-percent stake in the company has increased from R381.5 million ($23.2 million) at the start of the month to R552.2 million ($33.59 million).
This amounts to a total gain of R170.4 million ($10.38 million) for the multimillionaire businessman over the past 17 days.
Despite the surge in Trustco shares, the market value of his equity interest in the investment holding company is still down by more than $40 million since the start of the year.
