PRETORIA – The Public Investment Corporation (PIC) missed an opportunity to invest in Sagarmatha Technologies when the company was considering listing on the Johannesburg Stock Exchange (JSE).
This is according to Dr Iqbal Survé, the Chairman of Sekunjalo Investment Holdings, which has business interests in Ayo Technology Solutions (AYO) and Sagarmatha Technologies.
On Wednesday, he told the PIC Commission of Inquiry, headed by former retired Judge Lex Mpati, that the PIC had not made any financial investments into Sagarmatha when it was considering listing on the JSE.
According to Survé, Sagarmatha is a company that renders a multi-sided platform (defined above as an “MSP”), which comprises technologies, services, or products that add value primarily by enabling direct interactions between two or more participating parties.
“Prominent examples include Uber, Airbnb, E-Bay, Amazon etc. Essentially, they serve two or more customer bases and facilitate transactions between the participating parties. One of the primary benefits to MSP companies is their scalability,” he explained.