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TRUSTCO’S UPDATE ON INSURANCE, REAL ESTATE ACQUISITION

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Windhoek, Khomas, Namibia, 14th Oct 2024 – Trustco Group Holdings Limited (Trustco) has announced updates to its planned purchase of additional shares in Legal Shield Holdings Limited (LSH). Originally announced on April 23, 2024, the transaction involves Trustco acquiring an extra 11.35% stake in LSH from Riskowitz Value Fund LP (RVF). This will increase Trustco’s total ownership of LSH to 91.35%. The transaction, valued at NAD 468 million (USD 27 million), will be completed by issuing new Trustco shares to RVF. The transaction is expected to close by December 31, 2024.

The acquisition includes valuable assets such as Trustco Insurance Limited, Trustco Life Limited, and a large real estate portfolio that includes developments such as Elisenheim Lifestyle Estate, Lafrenz Industrial Park and Herboths. This portfolio consists of 2,473 sellable hectares (6,112 acres) of prime land across Namibia. Since 2011, this real estate has generated more than NAD 934 million (USD 53 million) in cash.

The extensive land bank offers the opportunity to develop more than 26,000 mixed-use plots. Over the past decade, the company has successfully serviced over 1,106 plots across its developments. With a development pipeline extending for the next 25 years, Trustco is well-positioned to address Namibia’s severe shortage of serviced land for residential, commercial, and industrial use.

Quinton Z van Rooyen, Deputy CEO of Trustco

Quinton Z van Rooyen, Deputy CEO of Trustco, commented on the transaction, stating: “This acquisition aligns well with our growth strategy and allows us to take advantage of expected capital growth, improved macroeconomic liquidity, and increased buyer demand in Namibia’s real estate market. By expanding our property portfolio, we’re set to benefit from the country’s recovering property market following the pandemic.”

Van Rooyen further emphasized the increasing interest from international investors, particularly major players in the petroleum and green hydrogen sectors from the U.S. and Europe. “The growing presence of these industry titans in Namibia strengthens our confidence and reaffirms our strategy to expand our real estate holdings. Their investments signal strong prospects for the Namibian economy, creating an ideal environment for Trustco to capitalize on these opportunities,” he added.

Trustco has submitted a circular detailing the transaction to the Johannesburg Stock Exchange (JSE) for review. Once approved, this comprehensive document will be distributed to all shareholders, providing full details on the proposed acquisition.

About Trustco:

Trustco Group Holdings Ltd is an investment entity headquartered in Windhoek, Namibia, which manages a diverse portfolio of investments spanning the insurance, real estate, non-deposit taking financial services, micro-finance, education, and mining sectors. Decisions are biased towards generational investment performance alongside shareholder wealth creation, and short-term hurdles are viewed as catalysts for future growth.

Since inception in 1992, Trustco’s investment portfolio has delivered strong returns with a CAGR of 68.97%, with a well-balanced asset mix, with a current average weighting of 34% in US Dollar based assets, while the remaining 66% is invested in Namibia Dollar (1 NAD = 1 ZAR) based assets. Trustco enjoys the backing of a wide range of coinvestors, including 3 610 from Namibia, 1 443 from abroad, and 94 from institutional entities.

About Namibia:

Namibia is a Southern African country with a population of approximately three million and a GDP per capita of USD 5 031 in 2022. The country is endowed with rich natural resources, with  recent major discoveries of oil and gas reserves, lithium deposits and rare earth minerals that are vital for technology demand globally, with developments also underway in its green hydrogen projects. The Namibian government has heralded these discoveries as a transformative period, holding the potential to double the nation’s GDP by 2040.

The country’s economy expanded by 4.2% in 2023 and is projected to expand by 3.7% in 2024, following a recovery of 5.3% in 2022 from the COVID-19 pandemic. With its wealth of natural resources, pro-business environment, political stability and increasingly skilled workforce, Namibia offers attractive investment prospects across all sectors.

Forward-Looking Statements:

All statements made in this media release with respect to Trustco’s current plans, estimates, strategies beliefs and other statements that are not historical facts, including statements regarding Trustco’s plans to upgrade its ADR program and the results of such an upgrade, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would,” or the negative of these words or other similar terms or expressions. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. The Company may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements, and you should not place undue reliance on these forward-looking statements. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

Media Contact

Organization: Trustco Group Holdings

Contact Person: Neville Basson

Website: https://www.tgh.na

Email: Send Email

Contact Number: +264612754501

Address: 2 Keller Street, Trustco House

Address 2: Windhoek

City: Windhoek

State: Khomas

Country: Namibia

Release Id: 14102418438

The post TRUSTCO’S UPDATE ON INSURANCE, REAL ESTATE ACQUISITION appeared on King Newswire. It is provided by a third-party content provider. King Newswire makes no warranties or representations in connection with it.

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Richy Media Revolutionizes PR with Advanced Newswire Publishing and Customized Distribution Solutions

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Richy Media is an award-winning press release distribution and newswire publishing company that is transforming the way businesses connect with their target audiences. With a commitment to innovation and customer satisfaction, Richy Media offers a comprehensive suite of services designed to amplify brand messaging and achieve exceptional news outlets placements.

Richy Media stands out in the industry with its:

  • NewsWire Network: We have established strong relationships with major media outlets, journalists, and influencers across various industries, ensuring that your press releases reach the right audience.
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“In today’s dynamic media world, PR communication is paramount,” says Karlo Bilal, Founder & CEO @ Richy Media. “We are passionate about growing businesses with media technology and expertise they need to share their stories and achieve their PR objectives.”

Richy Media offers a range of services, including:

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About Our Company

Richy Media is a press release distribution and newswire publishing company dedicated to helping businesses achieve their communication goals. With a focus on innovation, customer satisfaction, and a results-oriented strategy, we empower businesses to connect with their target audiences and amplify their brand message.

Contact information:

Karlo Bilal, Founder & CEO @ Richy Media

pr@richymedia.com

https://richymedia.com

Operations: Worldwide

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A Green Future Driven by Solar photovoltaic SPUSDT Solar PV Adoption

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As the global climate crisis intensifies, more and more countries and regions recognize that promoting and adopting clean energy has become a key means of combating climate change. Among the various renewable energy technologies, solar photovoltaic (PV) stands out for its cost-effectiveness and environmental benefits, becoming a vital driver of the global energy transition. However, achieving global solar PV adoption requires not only technological advancements but also the establishment of industry standards, regulatory frameworks, and international cooperation. As a leading blockchain energy trading platform, SPUSDT is dedicated to promoting the global adoption of solar PV and providing innovative technical and regulatory solutions to ensure the sustainable development of the industry.

The Key to Global Adoption: Lowering Barriers and Enhancing Market Access

To achieve global solar PV adoption, the first challenge is to reduce market entry barriers. In traditional energy markets, the cost of participating in solar energy production and trading is often high, particularly for small and medium-sized enterprises (SMEs) and individual users. The complexity of installing solar systems and engaging in energy trading can be overwhelming. SPUSDT addresses these challenges through decentralized blockchain technology, significantly lowering these barriers. With SPUSDT, any individual or business can easily participate in solar energy trading, regardless of their generation capacity. They can directly connect with global consumers or investors through the platform, enabling swift and efficient energy transactions. This streamlined market entry mechanism not only reduces transaction costs but also improves energy efficiency, accelerating the widespread adoption of solar PV.

In addition, SPUSDT integrates with the USDT stablecoin to ensure price stability in energy transactions. This allows global users to avoid the volatility of the cryptocurrency market and secure more stable returns. This trading model attracts more investors into the solar PV market, further promoting the adoption and application of solar energy.

Establishing Industry Standards: Promoting Solar PV Standardization

In the global promotion of solar PV, establishing unified industry standards and norms is a crucial step. Solar system installation, operation, and maintenance must adhere to strict technical standards to ensure safe and efficient electricity generation. However, the global solar PV industry currently lacks consistent technical regulations, with different regions imposing varying installation standards and quality requirements. This inconsistency limits the widespread adoption of solar PV. SPUSDT actively promotes the establishment and dissemination of industry standards, aiming to create uniform regulations for the global solar PV market.

SPUSDT also plans to collaborate with international standardization organizations to drive the global unification of solar PV-related technical standards. For instance, the platform will work with bodies like the International Electrotechnical Commission (IEC) and the International Renewable Energy Agency (IRENA) to promote best practices in solar system installation, generation, transmission, and maintenance. This global standardization effort will help reduce market barriers and foster cross-border energy trading and cooperation.

International Regulation: Ensuring Compliance and Transparency in Solar PV Trading

As the solar PV market rapidly expands, international regulatory issues become increasingly important. The global adoption of solar PV requires more than technological breakthroughs; it also demands transparency and regulatory compliance in the market. To this end, SPUSDT implements multi-level international regulatory measures, ensuring that every transaction complies with relevant laws and regulations, thereby protecting market participants’ rights.

Firstly, SPUSDT collaborates closely with governments and regulatory bodies worldwide, ensuring its operations comply with local energy and financial regulatory frameworks. The platform has established a dedicated compliance team that monitors policy changes across different regions in real time. Based on the specific legal requirements of each country or region, the platform adjusts its operational processes accordingly. Whether in Europe, Asia, or North America, SPUSDT strictly adheres to local energy and financial regulations, ensuring that platform users can trade within a legal framework.

Moreover, the platform leverages the transparency and immutability of blockchain technology to create a robust audit and traceability system. Every transaction, every solar PV system’s generation data, and every energy delivery is meticulously recorded on the blockchain, ensuring that all transactions are open and transparent. This transparent record-keeping system not only helps users track the source of their energy but also provides regulators with powerful market oversight tools. Through these measures, SPUSDT ensures the compliance and transparency of global solar PV trading, fostering the healthy development of the market.

Promoting International Cooperation: Facilitating Global Solar Energy Connectivity

To further accelerate the global adoption of solar PV, SPUSDT actively promotes international cooperation and collaboration. The platform utilizes cross-chain technology to seamlessly connect with other blockchain networks, enabling users from different countries and regions to engage in cross-border energy trading freely. Cross-chain technology breaks down traditional geographic barriers in energy markets and fosters global energy market connectivity, providing the technical support necessary for the global expansion of solar PV.

Additionally, SPUSDT plans to collaborate with multiple international clean energy funds, green investment institutions, and multilateral development banks to advance project financing and development for solar PV. Through these partnerships, the platform will attract more international investors to participate in the construction of large-scale solar PV projects worldwide. This international cooperation will not only accelerate the adoption of solar PV but also contribute significantly to achieving global sustainable development goals.

The launch of the SPUSDT platform marks not only a significant innovation in solar energy trading but also a critical step toward global solar PV adoption. By lowering market entry barriers, establishing unified industry standards, enhancing international regulatory cooperation, and fostering global market connectivity, SPUSDT provides comprehensive technical and policy support for the future development of the global clean energy market. As solar PV continues to be widely adopted around the world, SPUSDT is poised to become a driving force in the global renewable energy market, contributing to the realization of a green future.

Contact name: Saif

Company name: HRG

Website https: https://hrginvestment.com/

Country: UAE

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ZainTECH and Urbi Forge Strategic Partnership to Drive Geospatial Innovation across the MENA Region

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  • The agreement was signed at GITEX Global 2024, to integrate Urbi’s refined geospatial insights with ZainTECH’s digital expertise
  • Partnership will  see the companies drive substantial improvements across key sectors including environmental sustainability, transportation, real estate development, security, risk management, and healthcare.

Nahla Elbanhawy – MEA Business Development Manager, Urbi, Youssef Hindy – Account Manager, Urbi, Mohammed Al Beloushi – Deputy CEO, Urbi, Alexander Sysoev – Co-Founder, Urbi, Andrew Hanna – CEO, ZainTECH, Pavel Mochalkin – CEO, Urbi Maatje Rencken –  VP Digital Solutions, ZainTECH, Amr Elenein – CCO, Urbi

Dubai, United Arab Emirates, 18th October 2024, ZainTECH, the integrated digital solutions provider of Zain Group today announced signing a  memorandum of understanding (MoU) with Urbi,  the developer of a cutting-edge geo-platform that integrates all the necessary data, algorithms, and tools to address challenges in mapping, location data, navigation, and spatial analysis, aimed at merging Urbi’s refined geospatial insights with ZainTECH’s digital expertise. 

Signed at GITEX Global in Dubai, where ZainTECH is an exhibitor for the second year in-a-row, and has a stand located in Hall 21, Stand C10, the partnership will provide the region with innovative geospatial solutions as ZainTECH looks to leverage its innovative digital solutions with Urbi’s specialized geospatial capabilities. Urbi’s expertise in geospatial services, combined with ZainTECH’s robust digital solutions, will enhance ZainTECH’s ability to tackle complex regional issues by integrating sophisticated mapping and analytics with cutting-edge digital technology.

Andrew Hanna, CEO of ZainTECH commented, “Urbi has numerous compelling capabilities that could support the further upliftment of some of our solutions. The ability to have the highest quality geospatial information available in a secure, quick, and reliable manner is an extremely valuable proposition, and we look forward to integrating such resources across our portfolio of offerings.”

Pavel Mochalkin, CEO of Urbi said, “Partnering with ZainTECH marks a significant milestone for Urbi as we strive to redefine geospatial innovation in the MENA region. This collaboration will enhance our capacity to leverage geospatial technology, significantly expanding the opportunities for businesses and governments to experience the benefits of our services. Ultimately, it will help bring-to-life our vision of transforming everyday scenarios into a winning, transformative reality.” 

The collaboration is also set to leverage ZainTECH’s capabilities in emerging technologies such as AI, blockchain, and IoT, which are crucial for developing next-generation geospatial solutions. This aligns with Urbi’s focus on using innovative technologies to enhance spatial data utilization and smart city applications. Thus together, the companies are looking to drive substantial improvements across key sectors such as environmental sustainability, transportation, real estate development, security, risk management, and healthcare

With a joint commitment to environmental sustainability, ZainTECH’s involvement in smart building technologies and sustainability assessments, combined with Urbi’s focus on sustainable urban and environmental planning, will enhance their capacity to deliver eco-friendly and efficient solutions.

During GITEX Global, Jad Hammoud ZainTECH Vice-President – GTM, Alliances and Revenue Marketing and Patrik Eriksson, Director of Data Technology & Delivery, presented a compelling overview at Urbi’s stand, revealing the innovative digital strategies planned for the region. 

Both ZainTECH and Urbi look forward to implementing their joint strategies and witnessing the transformative impact of their solutions. 

About ZainTECH

ZainTECH is a regional integrated digital solutions provider, unifying Zain Group’s ICT assets to offer a unique value proposition of comprehensive digital solutions and services under one roof. The company is positioned to drive the transformation of enterprise and government customers in the MENA region by providing a center of excellence and managed solutions across the ICT stack, including cloud, cybersecurity, big data, IoT, AI, smart cities, drones and robotics, and emerging technologies.

ZainTECH leverages Zain’s global reach, unique regional footprint, and infrastructure across its operations in Kuwait, Saudi Arabia, Bahrain, Jordan, Iraq, and the United Arab Emirates, as well as in other key markets in the Middle East.

ZainTECH forms a key pillar in the evolution of Zain’s core telecom business to maximize value and build on the company’s many strengths to selectively create and invest in growth verticals beyond standard mobile services. This ultimately supports Zain’s vision of becoming a leading ICT and digital lifestyle provider.

For more information, please visit www.zaintech.com

About Urbi

Urbi is a global leader in geo-intelligence, providing cutting-edge solutions for smart cities, urban planning, and navigation. With a focus on data accuracy and innovation, Urbi empowers governments and organizations to make informed decisions and optimize urban infrastructure. To learn more, please visit www.urbi.ae

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