Trustco: Swimming against the stream
MD’s upbeat comments on the future of the Namibian economy and his firm’s prospects raise concerns
Namibian investment company Trustco continues to defy investment logic, with its share price surging 10% last Friday despite poor results for the year to end-March. The share price then plunged more than 20% at the time of writing on Monday — another example of the volatility that has raised the eyebrows of market watchers in the past 12 months. In commentary on the past year, Trustco MD Quinton van Rooyen seemed oblivious to the company’s weak performance, which pushed the bottom line down almost two-thirds. He said Trustco managed to "maintain its strategy to accelerate growth and development in its nascent segments". Refraining from commenting on the obvious operational hitches, he preferred to point out that Trustco’s share price had climbed from 404c at the end of the prior financial year to 875c at the end of the current year. He said this was mainly the result of a ground-breaking transaction with major shareholder Riskowitz Value Fund, which acquired 20% of the group’s insur...
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