TRUSTCO: It’s not exactly clear-cut
Scepticism lingers after Namibian investment company expands into diamond industry
Shareholders in Namibian investment company Trustco might be forgiven for tossing back a few sedatives over the past few weeks. Sentiment for the shares has either been despairing or euphoric — they sank to 380c in mid-August, rebounded to 459c at the end of that month and skulked down to 382c at the start of September, only to recover to 460c at the time of writing. The Financial Mail reckons Trustco’s recently released annual report could well be open to very different interpretation by the market. From the outset, one cannot fault the company’s effort to engage with its shareholders, especially with the comprehensive overview of its recent thrust into the diamond mining sector through the acquisition of Huso Investments — including a mining project owned by Northern Namibia Development Company (NNDC), coupled with diamond polishing operations under the Morse banner — as well as 51% of Meya Mining in Sierra Leone. The move into mining has largely divided the market on Trustco, whi...
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