Guest Contributor | Feb 21, 2024 | 0
Trustco makes shares available on OTC
Making its shares available for trade on the American Over the Counter market as of 8 August, Trustco is in a quest to ensure their shares are highly liquid.
In a statement addressed to the Economist this week, Trustco said, “The ADR listing seeks to enable secondary market access to Trustco shares in the United States of America and it is envisaged that the exposure of Namibian equity to the U.S market will further increase the shares liquidity.” Group Managing Director, Quinton van Rooyen said that the listing provides Trustco with an opportunity to be appropriately benchmarked by Investors and Financial Analysts. He noted that the Group envisages an increase in liquidity and said, “This trading structure is suitable to the foreign investor as it provides ease in the facilitation of trading Trustco shares for potential investors who wish to utilise the OTC market.” The ADR listing seeks to enable secondary market access to Trustco shares in the United States of America and it is envisaged that the exposure of Namibian equity to the U.S market will further increase the shares liquidity Trustco recently reported. The statement added, “The ADR Listing Program does not entail the issuance of new equity for capital raising purposes. One ADR is equivalent to a bundle of 100 existing Trustco shares. The US listing merely seeks to augment the equity’s trading markets. We maintain Trustco’s primary listing on the JSE limited and secondary listing on the NSX. We however are optimistic that this listing provides a unique opportunity for the US market to gain direct access to Namibian shares, without the impediments that ordinary encumber equity trades via a foreign bourse.” The Trustco board approved the listing on 18 July 2014, paving the way for Trustco to shares to become available under the share code, TSCHY.