Trustco sells depositary receipts

Trustco sells depositary receipts

Published: October 27, 2014

Financial-services company becomes first from Namibia to issue ADRs.

Trustco Group Holdings, a Namibian financial-services group, has become the first company from the country to sell American depositary receipts (ADRs), allowing foreign investors to buy and trade its shares.

The company’s US-listed ADRs each represent 100 of its shares, which in turn are traded on the Johannesburg and Namibian stock exchanges. BNY Mellon is acting as depositary bank, holding the underlying shares.

Trustco runs insurance, banking, and investment businesses.