Namibian businessman Quinton van Rooyen loses $50 million in 28 days

Quinton van Rooyen, Namibian businessman and CEO of Trustco Group Holdings (Trustco), has experienced a substantial decline in the market value of his stake in the Windhoek-based investment holding company over the past 28 days.

Since Aug. 2, the value of his stake has plummeted by more than $50 million due to a sharp decrease in the conglomerate’s share prices.

According to data tracked by Billionaires.Africa, van Rooyen’s stake in Trustco has declined by R953.80 million ($51.52 million) since Aug. 2, as local bourse investors have been consistently offloading their interests in the investment holding firm.

Trustco, a diversified investment holding firm primarily owned and managed by the Namibian van Rooyen family, prides itself on its investments in premium assets across the financial services and resource sectors. These investments have historically generated sustainable, long-term growth for stakeholders.

Van Rooyen, who owns an impressive 63.94-percent stake in the company, which amounts to a total of 1,004,000,060 ordinary shares, ranks as one of Namibia’s richest men.

However, the recent performance of Trustco’s shares has been less favorable, plummeting by 67.86 percent from R1.40 ($0.0751) on Aug. 2 to R0.45 ($0.02413) at the time of this report. This decline has led to substantial financial losses for shareholders, including the renowned Namibian businessman himself.

The impact of this sharp drop in share prices has been felt keenly, resulting in a R953.80 million ($51.52 million) slump in the market value of van Rooyen’s stake in the past 28 days. His stake, which was valued at R1.41 billion ($75.93 million) on Aug. 2, has now fallen to R451.80 million ($24.40 million).

This decline in Trustco’s shares arrives only a few months after the company’s shares were re-introduced to trading on the Johannesburg Stock Exchange. The resumption followed a protracted three-year battle between the Namibia-based investment group and local bourse regulators concerning the accuracy and completeness of the firm’s financial results.