AYO lists on the JSE with R14 billion market cap
CAPE TOWN - AYO Technology, a division of AEEI has successfully listed on the JSE this morning with a market cap of R14.7 Billion.
Donna Nemer, Director: Capital Markets at the JSE acknowledged that "under the leadership of Group CEO Mr Khalid Abulla, AEEI listed the first company on the JSE in 2017 - Premier Fishing and Brands, closed the JSE with the last listing of the year in 2017 with AYO Technology. A remarkable achievement for any CEO not only in SA but in the world.”
AYO Technology Solutions is a majority black-owned ICT company, which is at least 30% women-owned.
African Equity Empowerment Investments (AEEI), AYO’s parent company, will own 49% of the shares post listing and a number of unions, such as the SA Clothing and Textile Workers Union (Sactwu), the Police and Prison Civil Rights Union (Popcru) and the Federation of Unions of SA (Fedusa) are also shareholders.
AEEI recently announced the appointment of former managing director of British Telecommunications Africa, Kevin Hardy as the chief executive of AYO with effect from the beginning of this month.
“Ayo has grown over the past few years and I am excited to take it through its next exciting growth phase, increasing its market share in South Africa, the continent and beyond,” Hardy said after his appointment.
AEEI group chief executive, Khalid Abdulla, said that AYO was created from a desire to effect real change in South Africa and beyond its borders by adapting its business model with the changing environment as well as new codes and policies.