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TRUSTCO GROUP HOLDINGS LIMITED - Operational Update: Insurance and its Investments - Property Division

Release Date: 09/10/2019 16:50:00      Code(s): TTO       PDF(s):  
Operational Update: Insurance and its Investments - Property Division

TRUSTCO GROUP HOLDINGS LIMITED
Incorporated in the Republic of Namibia
(Registration number 2003/058)
Registered as an external company in South Africa
(External registration number 2009/002634/10)
NSX share code: TUC
JSE share code: TTO
OTCQX share code: TSCHY
ISIN Number: NA000A0RF067
(“Trustco” or “the Company”)


OPERATIONAL UPDATE: INSURANCE AND ITS INVESTMENTS - PROPERTY DIVISION


Trustco Shareholders (“Shareholders”) are referred to the SENS announcement dated 03 September
2019. Shareholders were informed that an application for the approval of the Need and Desirability
for Township establishment on the remainder of Farm Herboths no 485 (“Herboths Blick”) was
submitted to the Ministry of Urban and Rural development on 7 September 2018.


Shareholders were further advised that the Need and Desirability for Township establishment on the
Herboths Blick development was approved in principal, by the Ministry of Urban and Rural
development on 30 July 2019.


Shareholders are advised that the Need and Desirability for Township establishment on the Herboths
Blick development was approved on the 7th of October 2019 in terms of Section 5(5) (a) (i) of the
Townships and Division of Land Ordinance (Ordinance No. 11 of 1963), of Namibia as amended.


Shareholders are advised that this approval is anticipated to have a material impact on the property
valuation of the Herboths Blick development and independent valuations will be conducted in the
current financial reporting period. The sales prices of comparable land in the vicinity in terms of mixed
land use developments is currently NAD 1 650 per square meter for serviced residential land and NAD
2 200 per square meter for the serviced commercial land . The carrying value of the development was
valued at NAD30 per square meter as at 31 March 2019.
Shareholders are referred to page 60 of the Integrated Annual Report 2019 of the insurance and its
investment segment (volume two of five) (www.tgh.na) and specifically to the Farm Herboths
development.


Shareholders are referred to the link https://youtu.be/U35UuP_bV98 for further information
relating to the Trustco property portfolio.



Windhoek, Namibia


9 October 2019


Heleen Steyn
Acting Company Secretary: Trustco Group Holdings Limited


JSE Sponsor
Vunani Corporate Finance – Johannesburg


NSX Sponsor
Simonis Storm Securities Proprietary Limited – Windhoek


OTCQX Sponsor
J. P Galda – New York

Date: 09/10/2019 04:50:00
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