🔒 Sagarmatha was so desperate to secure a R3-billion investment from the PIC that it was willing to sell its shares at a significantly cut price to the state asset manager in a side deal brokered with former CEO Dan Matjila.
Ayo and Sagarmatha are in effect controlled by Independent Media owner Iqbal Survé and both fall under Sekunjalo Investment Holdings, which is ultimately controlled by Survé through a family trust.It appears from Molebatsi’s testimony that the ink had barely dried on the Ayo transaction before Sagarmatha approached the PIC for a R3-billion investment to list on the JSE.
On the same day as Ayo’s listing, Molebatsi received an email from the executive of listed investments, Fidelis Madavo, who said he had spoken to Sagarmatha about an initial public offering date for the last week of January or the first week of February.
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