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Education Division Operational Update: Approval of Registration of the IOL Vocational Training Centre
TRUSTCO GROUP HOLDINGS LIMITED
Incorporated in the Republic of Namibia
(Registration number 2003/058)
Registered as an external company in South Africa
(External registration number 2009/002634/10)
NSX share code: TUC
JSE share code: TTO
ISIN Number: NA000A0RF067
(“Trustco” or “the Company”)
EDUCATION DIVISION OPERATIONAL UPDATE: APPROVAL OF REGISTRATION OF THE INSTITUTE FOR
OPEN LEARNING’S VOCATIONAL TRAINING CENTRE (“IOL VTC”)
Introduction
Trustco Shareholders (“Shareholders”) are advised that the educational division, known and operating
as the Institute for Open Learning (“IOL”), established a Vocational Training Centre (“VTC”) known as
IOL VTC in 2017 and commenced with operations in January 2018 in line with national development
guidelines.
According to the group’s Integrated Annual Report (“IAR 2017/18”), IOL cites the decision to venture
into Technical and Vocational Education and Training (“TVET”) to address the increasing level of
unemployment in Namibia. Trustco identified the need for a higher level of VTC skills and was guided
by research findings on the mismatch between VTC related skills supply and labour force demand.
Background
Recent studies from the Namibia Training Authority (“NTA”) indicated that over 60 000 Namibian
youth applied for TVET access in 2017-18 with only 20 000 managing to be enrolled due to a shortage
of available space offered by the limited number of training providers. To add to this dilemma, it is
reported that the Government-run VTC’ completion rates are currently on 52%.
According to media reports, this trend is likely to continue escalating when it is considered that
between 8 000-12 000 Grade 10 learners leave the education system every year.
IOL has been the leading distance education Institution in Namibia since its establishment in 2005 with
merely 2 500 students. To date, the Institute serves a growing count of over 58 000 students with
locally developed and accredited qualifications approved by the Namibia Qualification Authority
(“NQA”), Namibia Training Authority (“NTA”) and the National Council of Higher Education (“NCHE”)
as well as online short courses designed for upskilling purposes.
The Institute’s growth is credited to its expansive regional footprint in eight regional towns as well as
the consistent dispatch of a mobile office to remote areas across Namibia. Another reason is the
affordability of tuition by means of a 100% educational loan cover through IOL’s sister company,
Trustco Finance. The latter aspect also contributes to the Institution’s high student retention rate.
IOL VTC
In terms of the Vocational Education Training - VET Act of 2008, all Vocational Training Providers are
required to be registered with the Namibia Training Authority (“NTA”).
Trustco is pleased to inform Shareholders that the IOL VTC was audited by both the Ministry of Labour
and the NTA for compliance in 2018. The IOL VTC received a compliance certificate from the Ministry
of Labour on 18 November 2018, making it the first VTC to receive such certification.
Further to this, the NTA Board approved the registration of the IOL VTC in November 2018. This makes
the IOL VTC fully compliant with statutory and regulatory requirements.
The above registration and certification allows enrolled students at IOL VTC to access funding from
both NTA and the Namibian Student Financial Assistance Fund.
Windhoek, Namibia
26 November 2018
Amanda Bruyns
Company Secretary: Trustco Group Holdings Limited
JSE Sponsor
Vunani Corporate Finance
NSX Sponsor
Simonis Storm Securities Proprietary Limited
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