Empowerment bill sees Trustco shares suffer
An optimistic Trustco Group Chief Executive Officer Quinton van Rooyen took to social media to air his concerns after Trustco shareholders collectively lost approximately N$325 million in wealth, hot on the heels of the proposed Namibia Equitable Economic Empowerment bill, subject to be passed soon.
Taking to Facebook, van Rooyen said, “Yesterday, Trustco Group was inundated by foreign shareholders’ concerns after a N$325 million decline in shareholder wealth in one day, due to the media reports on the NEEEF debate. The biggest losers were shareholder-employees of Trustco.”While the proposed bill sent his shareholders wealth tumbling, he was optimistic the government would deal well with the current conundrum. “Namibia has been blessed with a responsible and responsive government, that has done its best for its citizens since Independence. Namibia has thus far been a beacon of hope and light and the solid foundation of growth for a region struggling with an economic downturn.”Added van Rooyen, “every complicated challenge in the past have been successfully navigated by our government. I therefore remain confident that it will continue to do so on the issue of the NEEEF. An open and responsible debate around NEEEF, like we’ve had on so many issues before, is superior to an emotional outcry centring around perceptions and rumours.”
The proposed bill is expected to become law by March 2017. That’s according to Law and Reform Development Commission chairlady Yvonne Dauseb. She made the remark last week when she spoke to the Economist. The commission is also currently hosting workshops across the country, as it seeks to gain input from stakeholders in all fourteen regions.“This is a very important law reform process. We consult the public and we take their views seriously. We have received mixed reactions from the public but it’s a necessary law if we have to change to a business environment where the majority of our people form part of ownership, control and management and continued human resources development.” said Dausab.