In its 57-page first-half statement, no reason is given for the 100% increase.
But Ayo’s biggest shareholder is African Equity Empowerment Investments and that holder’s parent company is Sekunjalo Investment Holdings. Sekunjalo, which is also Ayo’s third biggest shareholder, was founded and is co-chaired by Iqbal Survé.
Thanks to Sekunjalo and AEEI’s holdings in Ayo, Surve and his companies stand to receive a healthy dividend from an ailing company, which is being sued by the Public Investment Corp and Government Employees Pension Fund for R4.3-billion, plus interest. There are another four court cases over and above the PIC and GEPF’s claim, according to Ayo.
In 2018, the PIC invested R4.3-billion in Ayo to back its initial public offering, valuing the technology company at R14.8-billion even though its assets were estimated at R292-million five years ago. Ayo’s total market value is now R1-billion, with its share price having plunged 93% since it listed. The stock took a battering in 2018 when President Cyril Ramaphosa ordered a probe into whether PIC officials, including its former CEO, Dan Matjila, followed procedure when it backed Ayo’s IPO. Matjila was ousted in 2018 and the probe found the PIC had regularly flouted procedures when making investments with government workers’ pension money.
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