Trustco nears end of audit saga
Trustco Group Holdings (TGH) has said it expects to complete its long-outstanding audited financial statements by the end of the year, as it continues working with regulators to finalise accounts that have been delayed since 2024.
Shareholders were referred to a previous announcement made on the Stock Exchange News Service (SENS) on 30 April 2026 regarding the suspension of trading in the company's shares on the Johannesburg Stock Exchange (JSE) and the status of the TGH audited annual financial statements for the years ended 31 August 2024 and 31 August 2025.
TGH said the main factor affecting the timing of the audits was the need to first finalise certain regulated Namibian and South African subsidiary and investee audits. The board said these audits were well advanced and expected to be completed in the third quarter of the year.
Subject to the conclusion of the subsidiary and investee audits, and the appointment of Trustco and Trustco Group auditors in line with JSE guidance, the company said it expected the outstanding audits to be completed in the fourth quarter.
The board said it was encouraged by the progress made and remained committed to restoring the company's reporting timetable and providing shareholders with up-to-date financial information as soon as practicable.
The process has been complicated by changes to the JSE's Listings Requirements on auditor appointments. Trustco was previously required to appoint two audit firms - one accredited by the JSE in South Africa, Nexia SAB&T, and another Namibian firm, SML Namibia Registered Accountants and Auditors. A rule change introduced in November 2023 allowed companies to appoint a single local firm meeting the new standards instead.
After extensive engagement, the JSE has agreed that Trustco may submit two separate audit reports, one from each firm, in order to comply with the updated regulations. The arrangement will apply to all financial periods up to 31 August 2025.
Trustco described the agreement as a "substantial step forward" in completing its group audit, and said audits of its major subsidiaries and investee companies were progressing well but could only be finalised once the main group audit was complete.
The company renewed its cautionary notice, advising shareholders to continue exercising care when trading its securities.
Trustco also confirmed that an independent expert would be appointed to prepare a fairness opinion for its planned delisting from the JSE, the Namibia Securities Exchange (NSX) and the OTCQX Market in the United States.
