Trustco forms committee for delisting plans 

 

Trustco Group Holdings Limited has announced the establishment of an independent committee to manage its proposed de-listing from the Johannesburg Stock Exchange, the Namibian Stock Exchange, and the OTCQX Market in the United States. This move aligns with the company’s plans to pursue a direct listing on the Nasdaq stock market.

Quinton Van Rooyen Junior, Trustco’s Deputy CEO, explained that the formation of this committee is in accordance with Johannesburg Stock Exchange (JSE) listing requirements.

“An independent committee of non-executive directors must oversee the delisting process,” he said.

The committee’s role includes ensuring that the process is transparent and that the fair value of shares is determined by an independent expert. This value will guide the offer made to existing shareholders. Van Rooyen highlighted the importance of maintaining independence throughout the process, a critical element of the JSE’s listing requirements.

Trustco’s transition to Nasdaq is part of a broader strategy to increase its international market presence. The independent committee’s oversight will ensure that all steps are carried out in compliance with regulatory standards and in the best interests of shareholders.