Namibian businessman Quinton van Rooyen suffers $21.4-million loss in 34 days

Yusuf Abdulfatai -

Quinton van Rooyen, the renowned Namibian businessman and CEO of Trustco Group Holdings (Trustco), has experienced a substantial decline in the market value of his stake in Trustco over the past 34 days.

Since Nov. 14, the market value of his stake in the Windhoek-based investment holding company has slumped by more than $21 million due to a sharp decrease in the conglomerate’s shares on the Johannesburg Stock Exchange (JSE).

According to data tracked by Billionaires.Africa, van Rooyen’s stake in Trustco has declined by R391.56 million ($21.37 million) since Nov. 14, as local bourse investors continue to offload their shares in the investment holding firm.

Trustco shares slump by 59.09 percent, accruing losses amounting to millions of dollars to shareholders

Trustco, a diversified investment holding majority owned by the Namibian van Rooyen family, takes pride in its investments in high-quality world-class assets in the financial services and resources industries, which generate long-term sustainable growth for stakeholders.

In the past month, Trustco shares on the JSE have suffered a 59.09-percent decline, falling from R0.66 ($0.036) on Nov. 14 to R0.27 ($0.015) at the time of drafting this report — this has accrued substantial losses to its shareholders.

Quinton van Rooyen’s fortune takes a hit as Trustco shares slump

Van Rooyen, one of Namibia’s wealthiest individuals, has seen his fortune shrink considerably due to a recent double-digit drop in the share price of Trustco Group Holdings Ltd., a company in which he holds a commanding 63.94-percent stake.

Van Rooyen’s stake, translating to 1,004,000,060 ordinary shares, has declined by R391.56 million ($21.37 million) over the past 34 days, plunging from R662.64 million ($36.16 million) on Nov. 14 to R271.08 million ($14.79 million) today.

The decline coincides with Trustco’s reintroduction to trading on the JSE after a prolonged suspension triggered by a dispute between the Namibia-based investment firm and JSE regulators over the accuracy and completeness of its financial results.