IT group AYO has revealed the details of its confidential settlement with the Public Investment Corporation, saying it will repurchase R619 million in shares from the Government Employees Pension Fund and grant it two seats on its board.
Iqbal Surve gives evidence during the Judicial Commission of Inquiry into the Public Investment Corporation in 2019. IT group AYO has revealed the details of its confidential settlement with the Public Investment Corporation , saying it will repurchase R619 million in shares from the Government Employees Pension Fund and grant it two seats on its board. that still had at least two weeks to run. The PIC invests on behalf of the GEPF.
But on Monday morning AYO changed tack, saying it had agreed to repurchase just over 17 million shares from the GEPF for R619 million as part of the deal. Following the repurchase, the GEPF will retain a minimum shareholding of about 25% in the IT group.
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