Trustco: Nice of the boss to write off his R1bn loan
Founder Van Rooyen’s magnanimous write-off will provide a huge, but artificial, boost to Trustco’s profits
There are not many companies on the JSE – or any other bourse for that matter – fortunate enough to have a huge loan written off by a key funder.
This month Namibian investment company Trustco (https://www.sharenet.co.za/v3/quickshare.php?scode=TTO) announced it was no longer burdened with the payback or servicing of interest of a R1bn loan made to it by founder, CEO and majority shareholder Quinton van Rooyen.
It was only recently that Van Rooyen placed a portion of his shares on the open market to raise funds to make the loan to Trustco...