What PIC paid for Ayo shares

The Public Investment Corporation acquired a 29% stake in Ayo Technology Solutions, subscribing to 100% of the 89-million shares Ayo issued at R43 a share. This was despite concerns that the stake was overvalued. Before the PIC acquired the shares, 80% of Ayo was owned by African Equity Empowerment Investments, a Cape Town-based company of which Sekunjalo Investments, controlled by Iqbal Survé’s family, has a 61% stake