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TRUSTCO GROUP HOLDINGS LIMITED - Approval Obtained In The Insurance Segment (Property Division) For The Remaining Portion Of The Lafrenz Development

Release Date: 16/02/2018 12:15
Code(s): TTO     PDF:  
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Approval Obtained In The Insurance Segment (Property Division) For The Remaining Portion Of The Lafrenz Development

TRUSTCO GROUP HOLDINGS LIMITED
Incorporated in the Republic of Namibia and registered as an external company in South Africa
(Registration number 2003/058)
(External registration number 2009/002634/10)
NSX Share Code: TUC
JSE Share Code: TTO
ISIN Number: NA000A0RF067
(“Trustco”, or “the Company”)

ANNOUNCEMENT REGARDING THE RECENT APPROVAL OBTAINED IN THE INSURANCE SEGMENT
(PROPERTY DIVISION) FOR THE REMAINING PORTION OF THE LAFRENZ DEVELOPMENT


1.    INTRODUCTION

      Trustco shareholders (“Shareholders”) are referred to page 46 and 47 of the Integrated
      Annual Report 2017 (“IAR”) (report can be viewed at www.tgh.na ) whereby reference was
      made to the Lafrenz Development.

      Shareholders are advised that the City of Windhoek Municipality (“Municipality”) has recently
      approved the application for the establishment of an Industrial Township (“Approval”), which
      application was submitted to the Municipality on 25 March 2014. The Approval relates to
      Portions 81, 133 and the Remainder of Portion A of the Farm Nubuamis No 27 (“the
      remaining portion of the Lafrenz Development”) which are situated in the industrial hub of
      Windhoek.

2.    HISTORY OF THE LAFRENZ DEVELOPMENT

      The first phase of the Lafrenz Development, was previously sold and consisted of 50 serviced
      erven (at an average stand size of 4 361.88m2) totalling 47.1922 Hectares. This phase
      achieved an average sales price of NAD 1 342.24/m2 and contributed to the groups cash flow
      and revenue to the amount of NAD 287 568 935.60 (exclusive of VAT).

      The second phase of the Lafrenz Development (Extension 2 and Extension 3), consists of 116
      serviced erven (at an average stand size between 2 102 – 2 373m2) totalling 36.9635 Hectares.
      This phase is being sold for prices ranging between NAD 2 250 to NAD 2 500 per square meter
      (exclusive of VAT).

3.    THE REMAINING PORTION OF THE LAFRENZ DEVELOPMENT

      The remaining portion of the Lafrenz Development covers 287.8585 Hectares comprising of
      Portion 81 (21.5520 Hectares), Portion 133 (125.6102 Hectares) and the Remainder of Portion
      A of the Farm Nubuamis No 27 (140.6963 Hectares).
      The Approval authorises Trustco to commence with the development of the remaining portion
      of the Lafrenz Development on the terms set out in the approval letter received from the
      Municipality and allows for a development plan to be finalised.




Windhoek, Namibia
16 February 2018

Amanda Bruyns
Company Secretary: Trustco Group Holdings Limited

JSE Sponsor
Sasfin Capital Proprietary Limited (a member of the Sasfin group)

NSX Sponsor
Simonis Storm Securities Proprietary Limited

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