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Business

Trustco shareholders prepare to vote on Legal Shield 

2024-12-112024-12-11By Staff Reporter
Trustco shareholders prepare to vote on Legal Shield 

Trustco Group Holdings Limited has distributed a circular and notice of a general meeting related to its N$469 million (US$26 million) equity acquisition of additional shares in Legal Shield Holdings Limited (LSH). The transaction, initially announced on 23 April 2024, involves Trustco acquiring 1 135 shares from Riskowitz Value Fund LP (RVF), which will increase the company’s stake in LSH to 91.35%. 

The circular, which includes a fairness opinion, outlines the terms of the transaction and invites shareholders to a general meeting on 7 January 2025 to vote on the proposal. 

Quinton Z. van Rooyen, deputy CEO of Trustco, commented: “This transaction reinforces Trustco’s commitment to creating lasting value for our investors. Despite the extended timeline and frustrating regulatory processes, our focus remains on delivering the strategic benefits of this acquisition. With this increased stake in LSH, we are poised to harness opportunities in Namibia’s resurgent property and insurance sectors, contributing meaningfully to economic growth and social development.” 

According to a Trustco statement, the acquisition underscores its belief in the significant potential of its real estate and insurance portfolio. LSH assets include Trustco Insurance Limited, Trustco Life Limited, and a real estate portfolio spanning over 2 473 sellable hectares. This land bank presents opportunities for more than 26 000 mixed-use erven developments, addressing Namibia’s acute shortage of serviced land.

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