Namibia-based Trustco Group Holdings, whose members include the Institute for Open Learning (IOL), Trustco Finance, Trustco Bank, Trustco Life, Trustco Insurance and Trustco Resources, recently negotiated a term extension with its lender group. Subsequently, Mauritius-based GCR Ratings increased Trustco Group’s financial rating to B+. The identities of the members of the organization’s lender group remain confidential.
The Trustco Group delivers financial services to students, homeowners and microentrepreneurs as well as small and medium-sized enterprises in Namibia and South Africa. IOL serves approximately 58,000 students, generally on a part-time basis via remote instruction in the fields of education, technology, policing or business. Trustco Resources holds a 51-percent stake in Meya Mining of Sierra Leone. The Trustco Group was founded in 1992, and its shares are traded on the Johannesburg and Namibian Stock Exchanges.
According to Verdant Capital, which advised the organization on its term extension, Trustco Group generally seeks “to raise capital for the individual business lines separately, in order to provide lenders with certainty of use of the funds, while providing parent guarantees so that investors benefit from the diversification of the group.” Verdant Capital, which has offices in the Democratic Republic of Congo, Ghana, Mauritius and South Africa, provides capital raising and financial advisory services as well as assisting in mergers and acquisitions.
Sources and Additional Resources
Verdant Capital story
https://verdant-cap.com/trustco-group-holdings-ratings-upgraded-to-bna-bna/
Trustco Group homepage
http://www.tgh.na/
GCR homepage
https://gcrratings.com/
Mining Review article on Trustco Resources
https://www.miningreview.com/southern-africa/trustco-resources-announces-476-carat-diamond-discovery-meya-mine/
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