Trustco Announcements
Tue, 21 Sep 2010 12:00
TTO - Trustco Group Holdings Limited - Proposed investment by international finance corporation (IFC) in Trustco student loan facility.
TRUSTCO GROUP HOLDINGS LIMITED
Incorporated in the Republic of Namibia
(Registration number 2003/058)
NSX share code: TUC
JSE share code: TTO
ISIN Number: NA000A0RF067 ("the Company" or "the Group" or "Trustco")
Proposed Investment By International Finance Corporation (IFC) in Trustco Student Loan Facility
| 1. | Shareholders are referred to the Cautionary Announcements published on 01 July 2010 and 13 August 2010. |
| 2. | The Company announces that the proposal was approved by the Board of the IFC and the Board of the Company. The agreements were signed by the parties on 21 September 2010. |
| 3. | The salient aspects of the loan are the following: |
| | 3.1 | The loan is for an amount of R80 Million which will be disbursed at the Borrower`s discretion in the form of one or more fixed or floating rate Rand disbursements. |
| | 3.2 | The loan is for a period of seven years and will be repaid in equal bi annual installments, the first payment becoming due on 15 December 2012 and the final payment falling due on 15 June 2017. |
| | 3.3. | The loan shall carry interest calculated at JIBAR plus 5,25%. |
| 4. | The proposed investment will support the long term strategy of the Group as it expands its micro-lending and education business in Namibia and in the Southern African region and will contribute to improving education and enhancing the productive capacity and job earning potential of Namibians and inhabitants of the Southern African Countries. |
| 5. | The Cautionary Announcements published on 01 July 2010 and 13 August 2010 are hereby uplifted. |
JSE Sponsor
QuestCo Sponsors (Pty) Ltd
NSX Sponsor IJG Securities (Pty) Ltd
Date: 21/09/2010 11:31:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
Tue, 21 Sep 2010 12:00
TTO - Trustco Group Holdings Limited - Announcement and Upliftment of Cautionary
Announcement
TRUSTCO GROUP HOLDINGS LIMITED
Incorporated in the Republic of Namibia
(Registration number 2003/058)
NSX share code: TUC
JSE share code: TTO
ISIN Number: NA000A0RF067
("the Company" or "the Group" or "Trustco")
Announcement and Upliftment of Cautionary Announcement
The Company refers shareholders to the Cautionary Announcement published on 28
July 2010.
The Company announces that its subsidiary Trustco Mobile (Pty) Ltd, successfully concluded negotiations and entered into an agreement with Econet Wireless (Private) Limited (www.econet.zw) and First Mutual Life Assurance Company (Private) Limited (www.fmlzim.com) , both being companies incorporated in Zimbabwe. Econet Wireless (Private) Ltd is a subsidiary of the Zimbabwe Listed Company, Econet Wireless Holdings Ltd (ZSE ticker Econet).
The salient terms of the agreement are the following:
- Trustco Mobile (Pty) Ltd licensed its patented transaction facilitation system branded as "The Trustco Mobile Concept" exclusively to Econet in Zimbabwe against payment of a monthly fee of U$1.00 monthly per subscriber.
- Econet will utilize the Trustco Mobile Concept to offer free life cover as a value added product to its subscribers.
- First Mutual Life Assurance Company, a subsidiary of Africa First Renaissance Corporation (www.afre.com)(ZSE ticker AFRE)and a registered Insurer in Zimbabwe will underwrite the life cover against payment of an underwriting fee.
- The initial period of the agreement is for a fixed term of 18 (eighteen) months whereafter it may be terminated by either party on 6(six) months written notice. The agreement marks the first phase of the implementation of the Trustco Mobile Concept into Africa and beyond Namibia. The Company expects to conclude further agreements with other parties elsewhere in Africa. Further announcements will be made when necessary. The Company expects that the conclusion of the agreement will contribute materially to the Groups` micro insurance segment.
- The agreement will be implemented once the final approval of the Insurance Regulator in Zimbabwe is granted. The approval by the Insurance Regulator is expected shortly and a further announcement will be made in due course.
- The Cautionary Announcement published on 28 July 2010 is hereby uplifted.
JSE Sponsor
QuestCo Sponsors (Pty) Ltd
NSX Sponsor
IJG Securities (Pty) Ltd
Date: 21/09/2010 11:30:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way
guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Tue, 21 Sep 2010 12:04
The company announced that its subsidiary Trustco Mobile (Pty) Ltd, successfully concluded negotiations and entered into an agreement with Econet Wireless Ltd (www.econet.zw) and First Mutual Life Assurance Company Ltd (www.fmlzim.com), both being companies incorporated in Zimbabwe. Econet Wireless Ltd is a subsidiary of the Zimbabwe listed company, Econet Wireless Holdings Ltd (ZSE ticker Econet). The salient terms of the agreement are the following: * Trustco Mobile (Pty) Ltd licensed its patented transaction facilitation system branded as "The Trustco Mobile Concept" exclusively to Econet in Zimbabwe against payment of a monthly fee of USD1.00 monthly per subscriber. * Econet will utilize the Trustco Mobile Concept to offer free life cover as a value added product to its subscribers. * First Mutual Life Assurance Company, a subsidiary of Africa First Renaissance Corporation (www.afre.com)(ZSE ticker AFRE)and a registered insurer in Zimbabwe will underwrite the life cover against payment of an underwriting fee. * The initial period of the agreement is for a fixed term of eighteen months where after it may be terminated by either party on six months written notice. The agreement marks the first phase of the implementation of the Trustco Mobile Concept into Africa and beyond Namibia. The company expects to conclude further agreements with other parties elsewhere in Africa. Further announcements will be made when necessary. The company expects that the conclusion of the agreement will contribute materially to the groups' micro insurance segment. * The agreement will be implemented once the final approval of the insurance regulator in Zimbabwe is granted. The approval by the insurance regulator is expected shortly and a further announcement will be made in due course. Cautionary announcement The cautionary announcement published on 28 July 2010 is hereby uplifted.
Tue, 21 Sep 2010 12:04
Shareholders are referred to the cautionary announcements published on 01 July 2010 and 13 August 2010. The company announced that the proposal was approved by the board of the IFC and the board of the company. The agreements were signed by the parties on 21 September 2010. The salient aspects of the loan are the following: * The loan is for an amount of R80 million which will be disbursed at the borrower's discretion in the form of one or more fixed or floating rate rand disbursements. * The loan is for a period of seven years and will be repaid in equal bi annual instalments, the first payment becoming due on 15 December 2012 and the final payment falling due on 15 June 2017. * The loan shall carry interest calculated at JIBAR plus 5.25%. The proposed investment will support the long term strategy of the group as it expands its micro-lending and education business in Namibia and in the Southern African region and will contribute to improving education and enhancing the productive capacity and job earning potential of Namibians and inhabitants of the Southern African countries. Cautionary The cautionary announcements published on 01 July 2010 and 13 August 2010 are hereby uplifted.
By: Chanel de Bruyn
21st September 2010
A number of new listings on the JSE’s Africa Board were on the cards for the first quarter of 2011, JSE executive head of the Africa Board Maureen Dlamini told Engineering News Online on Tuesday.
She noted that significant progress in laying down the foundation work for the board, which was launched in February last year, had been made during this year.
To date, two companies have listed on the Africa Board, namely Namibian microfinance and microinsurance provider Trusto and tourism company Wilderness Holdings.
Dlamini noted that the focus for the board remained on West Africa and Southern Africa.
The board has also seen significant interest from Zimbabwean companies wishing to list, some of which could become a reality in the early part of next year.
Dlamini highlighted that there were, with Zimbabwean companies, some issues of valuation, but added that these companies were starting to understand that the market would determine the company’s share price.
Meanwhile, she emphasised that importance of an entity such as the Africa Board, noting that the countries within Africa should not work in isolation from each other, but rather in collaboration.
There were great advantages for companies being listed on their local stock exchange and the Africa Board.
By listing on the Africa Board, companies were able to access more liquidity and were also able to attract interest from financiers to fund growth projects.
Simultaneously, these companies could still create value for their local economies and create jobs.
Dlamini highlighted that, for example, Trustco, which was the first company to list on the Africa Board, on Tuesday received an R80-million or $10,9-million loan from the International Finance Corporation.
The seven-year financing facility would be used by Trustco to increase its lending to students for education purposes, as well as to support teacher training.
Edited by: Mariaan Webb
By: Chanel de Bruyn
21st September 2010
JSE-listed Trustco was aiming to provide mobile operators in Africa with a differentiated service offering through its transaction facilitation system Trustco Mobile.
The microfinance and microinsurance provider on Tuesday signed an agreement with Zimbabwe’s Econet Wireless for the roll-out of the product, which would see the operator’s subscribers get free life insurance when they buy airtime for their cellphones.
Trustco MD Quinton van Rooyen explained that when a subscriber buys airtime, they get an SMS notification to inform them that they qualify for a certain amount of life insurance cover for 30 days.
The subscriber would then be required to register with the mobile operator for the life insurance, by providing details, such as their identity number or passport number and the details of the beneficiary in the case of death.
No contracts would have to be signed beforehand and Trustco would not have to collect payment from individuals each month.
Econet would be required to include the offering into its cellphone packages and would pay Trustco $1/m for each subscriber as a licence fee for using Trustco Mobile.
The paperwork would only have to be done once a person has died and a claim submitted by the selected beneficiary.
As long as subscribers buy airtime, they will be covered by the life insurance.
The amount of airtime bought would determine the amount of life cover, up to a maximum of $10 000.
First Mutual Life Assurance Company will underwrite the life cover against payment of an underwriting fee.
Van Rooyen noted that mobile operators were able to use the concept of free life insurance as a value-added product to subscribers.
Trustco Mobile had already been trialled and rolled out in Namibia through Cell One.
Trustco was planning to further introduce the concept to mobile operators in Lesotho, Botswana, Zambia, Burundi and Kenya and was targeting a customer base of 20-million people.
Econet currently had 4,5-million subscribers who would have access to the service.
Trustco, which was the first company to list on the JSE’s Africa Board in 2009, was aiming to achieve a market capitalisation (market cap) of N$5-billion by 2014.
At the end of the group’s 2010 financial year, in March, its market cap stood at N$311-million. The group had recorded an after-tax profit of N$137,5-million.
Edited by: Mariaan Webb
Article By: Artwell Dlamini
Tue, 21 Sep 2010 5:58
The JSE ended flat on Tuesday, with a bond auction in Ireland and upbeat US housing starts data boding well for investor sentiment, while the upcoming Federal Reserve''s policy-setting meeting kept investors cautious.
Mining stocks fell on the day due to profit taking, but bank, financial and industrial counters made gains, Kevin Algeo, portfolio manager at Imara SP Reid, said.
By 5pm local time the JSE all share index was up 0. 05 percent, with banks garnering 0. 46 percent, industrials adding 0. 59 percent and financials rising 0. 24 percent.
The rand was bid at 7. 11 to the dollar from 7. 10 at the JSE''s close on Monday. Gold was quoted at US$1,275. 42 a troy ounce from $1282. 78/oz at the JSE''s previous close, while platinum was at $1619. 00/oz from $1611. 50/oz at the JSE''s close previously.
Algeo said good US housing starts data and a fairly smooth bond auction in Ireland buoyed sentiment.
Ireland said it raised €1. 5-billion via an oversubscribed bond auction boosting investor confidence in the troubled nation''s economy.
Dow Jones Newswires reported that US stocks wavered between small gains and losses in a tight trading range on Tuesday as investors treaded cautiously ahead of the Federal Reserve''s policy announcement.
The Dow Jones Industrial Average was recently up 8 points, or 0. 07 percent, to 10 761.
On the economic front, US housing starts surged a better-than-expected 10. 5 percent in August, the Commerce Department said. August figures indicate a strong month-over-month rise even after the April 30 expiration of tax incentives for first-time purchases.
On the JSE, Anglo American (AGL) lost 1. 72 rand to 281. 37 rand, Sasol (SOL) shed 3. 50 rand or 1. 13 percent to 307. 50 rand, and BHP Billiton (BIL) declined 89 cents to 218. 23 rand.
There are no signs of BHP Billiton sweetening its US$39 billion offer for Canadian company Potash Corporation of Saskatchewan (PotashCorp). BHP Billiton, which has mounted a hostile bid for Potash Corp, on Tuesday restated its US$130-a-share offer.
Among gold counters, AngloGold (ANG) fell 1. 09 rand to 314. 90 rand, Gold Fields(GFI) lost 1. 12 rand or 1. 05 percent to 106. 00 rand, and Harmony (HAR) slid 1. 77 rand or 2. 22 percent to 78. 13 rand.
Impala Platinum (IMP) slipped 1. 50 rand to 182. 00 rand and Anglo Platinum (AMS) was down 4. 24 rand to 676. 96 rand.
Diversified miner Exxaro (EXX) gained 1. 80 rand or 1. 50 percent to 121. 80 rand and Kumba Iron Ore (KIO) pocketed 3. 98 rand or 1. 13 percent to 355. 98 rand.
But African Rainbow (ARI) fell 2. 46 rand or 1. 42 percent to 171. 05 rand, and Assore (ASR) declined 7. 76 rand or 1. 08 percent to 712. 24 rand.
Among industrials, Bidvest (BVT) profited 1. 65 rand or 1. 17 percent to 142. 15 rand, Richemont (CFR) picked up 35 cents or 1. 10 percent to 32. 25 rand, and Remgro (REM) climbed 1. 95 rand or 1. 86 percent to 106. 90 rand.
Paper and pulp group Mondi Ltd (MND) lost 1. 10 cents or 1. 94 percent at 55. 60 rand.
Mobile phone operator Vodacom (VOD) grew 70 cents or 1. 08 percent to 65. 70 rand and telecommunications group Telkom (TKG) gained 86 cents or 2. 42 percent to 36. 45 rand.
In the banking sector, FirstRand (FSR) gained 20 cents to 20. 50 rand, ABSA (ASA) edged up 2. 37 rand or 1. 84 percent to 131. 27 rand, and Nedbank (NED) firmed 1. 80 rand or 1. 28 percent to 142. 00 rand.
But Standard Bank (SBK) lost 37 cents to 107. 00 rand In the retail sector, JD Group (JDG) was up 50 cents or 1. 11 percent to 45. 65 rand and Foschini (FOS) rose 1. 50 rand or 2. 02 percent to 75. 75 rand, but Lewis (LEW) declined 92 cents or 1. 39 percent to 65. 07 rand and Shoprite (SHP) fell 1. 01 rand or 1. 03 percent to 97. 0 rand.
Construction group Aveng (AEG) grew 1. 04 rand or 2. 65 to 40. 35 rand, and M&R Holdings (MUR) added 1. 04 or 2. 56 percent to 41. 74 rand.
Building materials retailer Cashbuild (CSB) rallied 2. 20 rand or 3. 02 percent to 75. 00 rand. The group earlier reported a 9 percent decline in diluted headline earnings per share to 713. 7 cents for the year ended June 2010 from 781. 0 cents a year ago.
It declared a final dividend of 127 cents, making a total dividend of 233 cents, down 5 percent on a year ago''s 246 cents.
Litha Healthcare (LHG), formerly Myriad Medical Holdings, surged eight cents or 6. 90 percent to 1. 24 rand. The company reported diluted headline earnings per share of 9. 2 cents for the six months ended June 2010 compared with 6. 6 cents for the six months ended November 2009.
Pioneer Foods (PFG) dropped 98 cents or 2. 00 percent to 48. 02 rand. The group said on Tuesday that it is in the process of finalising a settlement with the Competition Commission with regards to alleged bread and milling cartel activities.
Namibian diversified services group Trustco (TTO) rallied two cents or 4. 65 percent to 45 cents. The company has spread its mobile offering to Zimbabwe and has its sights set on at least six other African markets.
The group, which also offers micro-financial, micro-insurance, education, media and air charter services among other services, announced on Tuesday that one of its subsidiaries, Trustco Mobile, had concluded a deal with Econet Wireless and First Mutual Life Assurance Company in Zimbabwe to
provide free life cover to mobile phone users in that country when they purchase airtime.
September 22, 2010
By Mzwandile Jacks
International Finance Corporation (IFC) had granted Trustco, the micro-financier listed on Johannesburg and Namibia stock exchanges, an R80 million, seven-year loan facility, it was announced yesterday.
The commercial arm of the World Bank said this investment would, among other things, double Trustco''s student loan advances as education was among some of its strategic investments.
This shows that IFC''s confidence in local financial services companies has not waned after Blue Financial Services encountered financial problems after the IFC had granted it a loan.
The IFC has a minority shareholding in the troubled pan-African microlender which was recently taken over by Mayibuye, a Johannesburg-based investment firm.
Last year, the IFC invested about R243m in Sasfin, a South African bank lending to small and medium enterprises.
Trustco chief executive Quinton van Rooyen said the loan would be disbursed at the "borrower''s discretion" in the form of one or more fixed rate rand disbursements.
"This investment will support the long-term strategy of the group as it expands its microlending and education business in Namibia and in the southern African region," he said, adding it would grow the Namibian loan book. /div>
The IFC is a multilateral investor in the private health and education sectors in emerging markets.
Trustco is targeting 700 million "working poor" people in Africa in the next five years.
It plans to expand its operations to Botswana, Lesotho, Zimbabwe, Zambia, Burundi, Kenya and Ghana.
"The R80m loan facility will contribute to improving education and enhancing the productive capacity and job earning potential of Namibians and inhabitants of the southern African countries," he said.
IFC regional industry director Oscar Chemerinski said the IFC''s investment would enable Trustco to double its student lending programme in five years. "This means more students in Namibia will benefit for a post-secondary education. The project will increase access to tertiary education among low- and middle-income students," said Chemerinski.
Sake 24 (Beeld)
22 September 2010