The R4.3-billion in pension fund money that the PIC controversially pumped into the Iqbal Survé-linked Ayo Technology Solutions is proving to be one of history’s worst-ever investments.
pension fund money that the Public Investment Corp controversially pumped into the Iqbal Survé-linked Ayo Technology Solutions is proving to be one of history’s worst-ever investments.
The PIC originally subscribed for shares in Ayo at a valuation of R43/share, effectively giving the PIC a 29% stake in the firm, the Daily Maverickin 2019. Using Tuesday’s share price of 3c, the PIC’s investment has therefore shrunk to less than R3-million, a collapse of 99.99%. While the share price of the lightly traded Ayo could bounce back equally as quickly as it fell, the highest bid in the market at the time of writing was just 16c . Yet even if the price collapse on Tuesday is reversed, it follows years of erosion in the company’s value.on two former Ayo directors, publicly berating non-executives Mbuso Khoza and Telang Ntsasa, who served on Ayo’s audit and risk committee.
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