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TTO
TTO
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:
1 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.
2 Econet will utilize the Trustco Mobile Concept to offer free life cover as
a value added product to its subscribers.
3 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.
4 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.
5 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.
6 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.
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