Table of Contents
Key Points
- Trustco secures shareholder approval for NAD468 million ($25 million) acquisition of 11.35% stake in Legal Shield Holdings (LSH).
- 99.79% of shares voted in favor, with high participation at the general meeting on January 7, 2025.
- The acquisition strengthens Trustco's position in Namibia, boosting its stake in LSH to 91.35%, enhancing growth prospects.
Trustco Group, a diversified investment holding company controlled by Namibian businessman Quinton van Rooyen and his family, has received shareholder approval to acquire an 11.35 percent stake in Legal Shield Holdings (LSH) for NAD468 million ($25 million).
The resolution was passed with strong support at a general meeting on January 7, 2025, according to a market update on the Johannesburg Stock Exchange. This follows the company’s December 5, 2024 circular outlining the transaction’s terms.
The deal, which marks a major move for Trustco, will proceed as planned, with all conditions either met or waived. LSH is a leading insurance provider based in Windhoek, Namibia.
Trustco gets green light for deal
The voting results at the General Meeting were positive, with 99.79 percent of shares in favor of the acquisition.
A total of 392,083,092 shares supported the resolution, while 817,920 shares abstained (0.08 percent). The resolution granting Trustco’s directors authority to finalize the deal also received 99.79 percent approval, with 392,098,092 shares in favor and 802,920 abstaining.
A total of 392,901,012 shares were represented at the meeting, including proxies, amounting to 39.6 percent of total shares issued and 54.4 percent of eligible voting shares. This high participation reflects strong shareholder engagement, as only shares not held by treasury or Riskowitz Value Fund were eligible to vote.
Trustco’s acquisition of the 11.35 percent stake in LSH is part of its strategy to diversify and invest in high-growth sectors, particularly in financial services. The deal increases Trustco’s total stake to 91.35 percent, reinforcing its dominance in Namibia’s business landscape.
Trustco looks to new growth opportunities
Trustco Group, based in Windhoek, operates in banking, insurance, property, and wealth management. The company, with assets in U.S. and Namibian dollars, is controlled by Quinton van Rooyen and his family, who influence its strategy and operations.
Trustco's acquisition of LSH, approved by shareholders, aims to capitalize on growth in the local insurance and real estate sectors, boosting profitability. The move is expected to strengthen Trustco's financial position and open new opportunities in Southern Africa.
Komada Holdings, Trustco's company secretary, confirmed the completion of all corporate steps, paving the way for the transaction. With strong shareholder support, Trustco is positioned to pursue further strategic opportunities in 2025 and beyond.
