TTO - Trustco Group Holdings Limited - Voluntary announcement: Trustco Land
TTO
TTO
TTO - Trustco Group Holdings Limited - Voluntary announcement: Trustco "Land
Bank" yields returns
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 "Land Bank" Yields Returns
In 2004 the Company acquired 360 hectares (3.6 million square meters) of
undeveloped land towards the north of Windhoek. Referred to within the Group as
the "Land Bank", this strategic acquisition has yielded its first significant
returns through the sales of developed industrial plots. Basic services and bulk
infrastructure are currently being installed.
During the financial year ended 31 March 2011, the Group sold 54 000 square
meters of the land for NAD68 million at an average of NAD1250 per square meter.
This represents 3% of approximately 1.8 million square meters of sellable land.
The "Land Bank" will continue to contribute to Group profits as the Group`s
target is to sell approximately 10% of the remaining land each year in order to
fully optimize its value for shareholders.
Cash flows from the sale of land will be utilized to grow the Group`s core
businesses, including the micro lending loan book of the Group, when required.
The acute shortage and high demand for vacant developed residential and
industrial land in the Windhoek basin is expected to sustain this strategy.
By order of the Board
J Bazuin
Company Secretary
Windhoek, 7 April 2011
JSE Sponsor
QuestCo Sponsors (Pty) Ltd
NSX Sponsor
IJG Securities (Pty) Ltd
Date: 07/04/2011 16:00:02 Produced by the JSE SENS Department.
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