Trustco’s debt to Namibia’s Van Rooyen family rises to $280 million

Key Points

• Trustco’s total debt to the Van Rooyen family’s Next Capital has climbed to $280 million, strengthening the family’s financial control.
• Trustco plans to delist from the JSE and transition to Nasdaq to access international capital markets and attract global investors.
• The FTSE/JSE Africa Index warned Trustco’s suspension could lead to removal if it exceeds 20 business days, impacting its market value.

Windhoek-based investment holding company Trustco Group has revealed that its total debt to the Namibian Van Rooyen family, managed through its investment vehicle Next Capital, has climbed to $280 million following the latest debt acquisition.

Founders strengthen financial control

In a statement, Trustco announced that Next Capital, the founding family shareholder, had acquired international debt worth NAD297 million ($16 million) from one of its investment subsidiaries. The move deepens the financial ties between Trustco and the Van Rooyen family.

With this latest acquisition, Next Capital now holds NAD5.121 billion ($280 million) in total long-term debt across the group. This debt package includes a mix of interest-bearing and non-interest-bearing components, as well as secured, unsecured, and equity-linked obligations.

The founding family now controls 70 percent of Trustco’s long-term debt, solidifying its influence over the company’s financial direction.

Trustco aligns debt strategy for growth

Commenting on the development, Trustco’s deputy CEO, Quinton Z van Rooyen, said the goal is to align Trustco’s debtholders with its vision of expanding into new markets and unlocking fresh opportunities. 

Quinton Z, the son of Trustco’s founder and CEO, Quinton van Rooyen, emphasized that with Next Capital now holding the majority of the company’s long-term debt, Trustco is well-positioned to become the preferred gateway for foreign private investment into Namibia.

Trustco, headquartered in Windhoek, operates across banking, insurance, property, and wealth management. With assets worth billions of Namibian dollars, the Van Rooyen family continues to drive innovation and secure key investments that shape Namibia’s corporate landscape.

The latest debt acquisition comes as Trustco moves forward with plans to delist from the Johannesburg Stock Exchange and transition to a Nasdaq listing. This shift is part of a broader strategy to access international capital markets and attract global investors.

Trustco prepares for Nasdaq transition

To optimize its financial structure ahead of this transition, Trustco is taking steps to ensure compliance with market regulations.

On Feb. 20, 2025, the FTSE/JSE Africa Index Series issued a warning that if Trustco’s suspension from the exchange exceeds 20 business days, it will be removed with just two days’ notice, reducing its constituent value to a nominal amount of 0.0001. 

Earlier, on Feb. 4, Trustco announced the formation of an independent committee to oversee its planned delisting from the JSE, NSX, and OTCQX Market.

The company aims to minimize shareholder disruption while ensuring a smooth transition to Nasdaq, with ongoing audits in South Africa, Namibia, and the U.S. to maintain regulatory compliance.