Trustco's NAV falls by a third, but it eyes economic turnaround in Namibia

Diversified Namibian company Trustco said on Monday its net asset value fell by more than a third in its year to end August, after a surge in interest rates hit its property-heavy portfolio.

The group's net asset value fell just over 37% to about 1.15 billion Namibian dollars to end August, with the value of its investment portfolio in Namibia slipping about R484 million. Namibia's dollar is pegged to the rand.

The company manages a diverse portfolio of investments spanning the insurance, real estate, commercial banking, micro-finance, education and mining sectors. It is 40% owned by its founder and CEO, Quinton van Rooyen.