Ayo Technology Solutions, an IT company listed on the Johannesburg Stock Exchange, has reported a loss of R258m for the six months ending in March 2023.
- The loss is partly due to ongoing banking issues, which have made it difficult for Ayo to access funding and caused delays in the implementation of its business strategy.
- Ayo has been embroiled in controversy since its listing in 2017, with allegations of irregularities and conflicts of interest involving its former CEO and major shareholder, Iqbal Survé.
- The company has also faced criticism for its close relationship with the Public Investment Corporation (PIC), which invested heavily in Ayo and has been accused of failing to exercise due diligence in its investment decisions.
- Ayo’s poor financial performance is likely to raise further questions about the company’s governance and viability, and could have implications for its future prospects and the broader IT industry in South Africa.