Staff Writer
Trustco Group Holdings has reported progress toward finalising its long-awaited annual financial statements while reminding investors to remain cautious as it moves ahead with plans to delist from three stock exchanges.
The Windhoek-based investment group said on Monday it continues to work with regulators to complete the audit of its financial results for the year ended 31 August 2024.
The process has been more complex than usual following changes to the Johannesburg Stock Exchange’s (JSE) Listings Requirements on auditor appointments.
Previously, Trustco was required to appoint two audit firms—one accredited by the JSE in South Africa (Nexia SAB&T) and another Namibian firm (SML Namibia Registered Accountants and Auditors).
A rule change introduced in November 2023 allowed the company to appoint a single local firm that meets the new standards.
After extensive engagement, the JSE has now agreed that Trustco may submit two separate audit reports, one from each firm, ensuring compliance with the updated regulations.
This arrangement will apply to all financial periods up to 31 August 2025.
Trustco described the agreement as a “substantial step forward” in completing its group audit. It said audits of its major subsidiaries and investor companies are progressing well but can only be finalised once the main group audit is complete. The company said it will announce specific publication dates “as soon as practicable.”
At the same time, Trustco renewed its cautionary notice, advising shareholders to continue exercising care when trading its securities.
It confirmed that an independent expert will be appointed to prepare a fairness opinion for its planned delisting from the Johannesburg Stock Exchange (JSE), the Namibian Stock Exchange (NSX) and the OTCQX Market in the United States.
