Namibian tycoon Quinton van Rooyen faces $8.5-million loss in just one week

Quinton van Rooyen, a Namibian businessman and CEO of Trustco Group Holdings (Trustco), has witnessed a substantial decrease in the market value of his stake in the Windhoek-based investment holding company.

According to data tracked by Billionaires.Africa, van Rooyen’s stake in Trustco has slumped by R160.64 million ($8.52 million) in just one week, as local bourse investors have steadily reduced their interests in the investment holding firm.

This recent setback comes on the heels of an earlier gain of $6.25 million recorded by van Rooyen between Aug. 30 and Oct. 5, when the market value of his stake in Trustco surged from R451.8 million ($23.43 million) to R572.28 million ($29.68 million).

Trustco, a diversified investment holding company majority owned and led by van Rooyen, 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.

In the past week, Trustco shares on the Johannesburg Stock Exchange have suffered a 19.05 percent decline, falling from R0.84 ($0.045) on Oct. 23 to R0.68 ($0.036) at the time of drafting this report.

As a result of this double-digit slump in the company’s share price, the market value of van Rooyen’s stake has swiftly decreased by R160.64 million ($8.52 million) within a week, sliding from R843.36 million ($44.75 million) Oct. 23 to R682.72 million ($36.22 million).