Shares in the Iqbal Survé-linked IT group AYO Technology Solutions tanked as much as 99% during trading on Tuesday. | Fin24
Iqbal Surve giving evidence during the Judicial Commission of Inquiry into the Public Investment Corporation on April 02, 2019.On Tuesday, AYO Technology Solutions' share price opened at R3.50, before slumping to just 3 cents.
AYO spokesperson Kaz Henderson said the company was"aware of a transaction that took place and is investigating this with the JSE". "The fact that the bid-offer is at 11 cents to R3.43 indicates explicitly that the market has no interest in buying the stock". At the time, the Public Investment Corporation invested R4.3 billion in the business, an information technology company in Survé's Sekunjalo stable. The PIC paid R43 a share for a 29% stake in the company.
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