JSE flags AYO Technology for late financial statements

The Johannesburg Stock Exchange has flagged IT company AYO Technology for the late submission of its financial statements.

In a statement on Thursday (2 January), the bourse said that the AYO failed to submit annual reports within the four-month period stipulated in the JSE’s Listings Requirements.

Accordingly, the company’s listings on the JSE trading system have been annotated with a “RE” to indicate that they have failed to submit their annual reports timeously and that the listing of the company’s securities is under threat of suspension and possible removal, it said.

It added that if the company fails to submit its annual reports on or before 31 January 2020 then its listings may be suspended.

AYO is linked to Iqbal Surve, a South African businessman who was forced to cancel a listing of media group Sagarmatha Technologies in April 2019.

The company has been implicated in a number of scandals, and was a major focus in the Public Investment Corporation (PIC) commission of inquiry.

Former minister of finance, Mondli Gungubele, testifying at the commission of PIC inquiry said that a decision to invest R4.3 billion in AYO flouted PIC governance and approval processes.

The purchase in December 2017 valued AYO at R14.8 billion, even though its assets were estimated at the time at R292 million at the time.

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JSE flags AYO Technology for late financial statements