AYO Technology lists on JSE

AYO Technology has listed on the Computer Services sector of the main board of the JSE

AYO Technology, previously Sekunjalo Technology Solutions, expects to raise R4.3 billion through a private placement, which involves an offer to invited investors to subscribe for up to 99,782,655 ordinary no par value shares at R43.00 per share. The firm intends to use the additional capital to fund its further expansion.

Through its divisions, subsidiaries and partners, AYO Technology offers solutions to the public and private sectors of South Africa and abroad. Its private sector client base comprises primarily blue-chip multinationals, and the group says it has a strategic relationship with BT Communications Services South Africa.

AYO parent company, African Equity Empowerment Investments (AEEI) will own 49 percent of the shares post listing. Several unions, including the South African Clothing and Textile Workers Union (Sactwu), the Police and Prison Civil Rights Union (Popcru) and the Federation of Unions of South Africa (Fedusa), are also shareholders.

Pictured: Khalid Abdulla, AEEI Group CEO