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TTO
TTO
TTO - Trustco Group Holdings Limited - Voluntary announcement: Trustco extends
tender opportunity for the informante newspaper.
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")
Voluntary Announcement: Trustco Extends Tender Opportunity for the Informante
newspaper.
The Company announces its intention to sell 100% of its interest in the weekly
publication, Informante, via a public tender process.
The Informante was established 10 years ago and initially served as an in-house
publication for Legal Shield Namibia Limited, a subsidiary of Trustco. The paper
quickly progressed into a tabloid newspaper during 2003. Sixty five thousand
copies are currently distributed for free in Namibia.
During the papers` tenor it has won numerous awards. It has also unearthed
various cases of corruption, cases of abuse against women and children and has
focused on the plight of marginalised groups in Namibia.
In order to give all interested parties an equal opportunity to own part of
the Informante, the Board has resolved to offer the newspaper for sale to the
public, individuals or other interested groups. 30% of the equity will remain
vested in individuals, including current staff that have helped to develop the
Informante to what it is today.
Neville Basson the Head of Trustco Media said "although the Informante was
sometimes controversial it never failed to encourage the public to openly
discuss issues that needed to be in the public domain".
Quinton van Rooyen, Group Managing Director said "the selling of the newspaper
is in line with the strategy of the Group to divest itself from non-core
activities and assets. The rolling out of the Trustco micro-insurance and micro-
finance model in the rest of Africa, requires the undivided focus of the
management team in Namibia".
By order of the Board
PJ Miller
Company Secretary
Windhoek, 07 February 2011
JSE Sponsor
QuestCo Sponsors (Pty) Ltd
NSX Sponsor
IJG Securities (Pty) Ltd
Date: 07/02/2011 16:18:01 Produced by the JSE SENS Department.
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