Namibian tycoon Quinton van Rooyen’s Trustco to postpone $61.7-million loan repayment

Mfonobong Nsehe -

Namibian businessman Quinton van Rooyen’s investment holding company, Trustco Group, announced a postponement of a loan repayment obligation and an update on its previously announced transaction with Next Capital, a family’s investment vehicle.

The loan agreement, under which Trustco secured NAD1 billion ($61.7 million) from Next, was initially scheduled for a one-time cash payment on the due date of March 31, 2024, with Next having the option to delay repayment. Both parties agreed to extend the repayment deadline until either negotiations yield a new agreement or Next withdraws the postponement.

Trustco Group delays loan repayment

In January 2019, Trustco and Next engaged in talks for a potential transaction. After deliberations, they revised the terms, withdrawing the initial announcement. Next Capital opted to delay the full repayment indefinitely, pending further agreement or revocation.

Trustco’s financial director, Floors Abrahams, said:  “This loan extension from Next is a strong vote of confidence in Trustco’s long-term prospects and growth strategy. We appreciate Next’s collaborative approach and willingness to explore an arrangement that could create significant value for all investors.”

Trustco pulls back on Next Option transaction

Trustco Group, headed by the Van Rooyen family, has announced the withdrawal of the Next Option transaction, initially disclosed in September 2023. Following discussions in February 2024, the company cited ongoing negotiations with updated terms, including the possibility of converting the loan into equity. This decision underscores the founders’ belief in Trustco’s enduring vision and growth plan.

Trustco Group is primarily owned and managed by the Namibian Van Rooyen family, which holds a substantial 63.94 percent ownership stake, or 1,004,000,060 ordinary shares. This significant ownership positions the Van Rooyen family as one of Namibia’s wealthiest.

The diversified investment holding company focuses on high-quality assets in financial services and resources for sustainable long-term growth. It boasts a historically strong investment portfolio with a well-balanced asset mix. The company maintains an average weighting of 34 percent in U.S. dollar-denominated assets, with the remaining 66 percent invested in Namibian dollar-based assets.