Listed diversified investment group, African Equity Empowerment Investments (AEEI), a Sekunjalo Investment Holdings subsidiary, is no longer a shareholder in ICT group AYO Technology Solutions (AYO) following an unbundling that was initiated in March 2023.
The unbundling of AYO was finalised at the end of July by way of a pro rata distribution in specie in the ratio of 1 AYO share for every 2.89 AEEI shares.
AEEI had held a 49.36% stake in AYO.
AEEI CEO Valentine Dzvova said: “AEEI is very pleased that AYO has reached a settlement with its significant shareholder, the Public Investment Corporation, in an agreement that will see the parties working towards the ICT group rebuilding its shareholder value. We wish AYO well for the future in which we know, it has a lot to offer and has an important role to play in driving the ICT sector forward across the African continent.”
Dzvova said AEEI’s executive members on the AYO board would be stepping down later this year, as AYO was no longer a subsidiary of AEEI, and as AYO would continue with its own independent plans for growth and expansion.
Having exited AYO, Dzvova said AEEI would focus on growing and expanding the rest of the companies in its portfolio, as well as exploring and acquiring other opportunities that will unlock further added value for shareholders.
AEEI’s portfolio includes fishing and brands, technology, events and tourism, health and beauty, biotherapeutics and strategic investments.
BUSINESS REPORT