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Title: TRUSTCO GROUP HOLDINGS LIMITED ACQUIRES ADDITIONAL INTEREST IN LEGAL SHIELD HOLDINGS LIMITED AND RISKOWITZ VALUE FUND SUBSCRIBES TO TRUSTCO GROUP HOLDINGS SHARES IN LIEU OF CASH PAYMENT

Windhoek, Khomas, Namibia, 23rd Apr 2024, King NewsWire - Trustco Group Holdings Limited (Trustco) today announced its acquisition of an additional 11.35% interest in Legal Shield Holdings Limited (Legal Shield) from Riskowitz Value Fund LP (RVF) for NAD 468 million. This will increase Trustco’s holding in Legal Shield to 91.35%.The strategic transaction fortifies Trustco's investment footprint in the insurance and real estate sectors in Namibia, both primed for substantial growth in the post-pandemic landscape. The coveted assets acquired encompass Trustco Insurance Limited, Trustco Life Limited, and an extensive real estate portfolio spanning an impressive 2,473 sellable hectares (6,112 acres) of prime real estate strategically positioned across Namibia. This real estate portfolio has demonstrated its value-generating prowess, generating cash in excess of NAD 934 million since 2011. Notably, the current average selling price for the portfolio stands at NAD 1,800 per square meter, underscoring the immense potential for capital appreciation and revenue growth within this asset class.This vast land bank presents an unparalleled opportunity, with the potential for over 26,000 mixed-use erven to be developed. The real estate portfolio has an established a proven track record, successfully servicing more than 1,106 erven across all its developments over the past decade. Moreover, the company boasts an ambitious development pipeline extending another 25 years. Namibia is experiencing an acute shortage of serviced land, for residential, commercial and industrial purposes.Quinton Z van Rooyen, Deputy CEO of TrustcoQuinton Z van Rooyen, Deputy CEO of Trustco, expressed enthusiasm about the transaction, stating: "This acquisition underscores our commitment to creating long-...

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