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Namibia: JSE Threatens Trustco With Suspension

The Johannesburg Stock Exchange has given Trustco Holdings Limited until 29 January to submit provisional financial statements or risk suspension.

The bourse has annotated the company with RE indicating that it has failed to submit its provisional report timeously and that the listing of its shares is under threat of suspension and possible removal.

According to an announcement made on Friday morning, Trustco failed to submit financials within the three-month period stipulated in the listings requirements.

“If the above-mentioned company still fails to submit its provisional report on or before 29 January 2021, then its listing may be suspended,” said the exchange.

This spells trouble for Trustco.

The JSE last year told Trustco to correct its financial statements and remove specific ‘errors’ that pushed up profits by a combined N$2,1 billion last year.

The company was also left by its Namibian auditors last year and it is unsure whether this is what has led to the delay in the submission of the financials.