Ayo Technology Solutions, the company tied to mogul Iqbal Survé, that controversially received R4.3bn from the Public Investment Corporation, will dramatically hike its dividends even though profits are still mostly derived from interest on the PIC’s cash
Ayo release interim financial results this week covering the six months from September to the end of February this year. The results were positive with profit before tax of R266 million.At the same time Ayo has announced that it will pay out about R120 million in dividends – mostly to parent company African Equity Empowerment Investments , a company controlled by Survé’s company Sekunjalo.
The Sizwe acquisition seemingly came about due to a serious conflict of interest for the ANC’s chaplain-general Vukile Mehana. This week’s results show the contribution this acquisition has made. Sizwe Africa contributed R212 million to Ayo’s revenue in only two and a half months – about a third of Ayo’s total revenue for the entire six months.Ayo’s results remain overshadowed by the risk that the PIC will, as it promised to do, fight to get its R4.3 billion back.
Ayo could technically pay the PIC back, but that would almost wipe out the company’s entire asset base. In March the biggest buyer of Ayo shares was Lieb Johannes Loots, one of the original directors of Sekunjalo in 1999 who left the board in 2009.
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