TECHNOLOGY LISTING
TSL prepares for the bourse
AEEI has a second listing on the cards: its technology arm will join the JSE some time after Premier Fishing
African Empowerment Equity Investments (AEEI) — now in the throes of floating its food subsidiary Premier Fishing on the JSE — is readying its technology hub for a separate listing too. Documents seen by the Financial Mail show that AEEI’s TSL division, which houses operations in technology and telecoms, is consolidating its shareholder base in preparation for a listing. TSL has also proposed changing its name to Ayo Technology Solutions. The clue that suggests a JSE listing is pending lies in proposals to convert low-voting TSL N-shares into ordinary Ayo shares. The JSE frowns upon low-voting share structures, and only a few companies with N-share structures remain listed on the bourse. The owners of TSL N-shares are community shareholders who acquired shares in the old Sekunjalo Health in 1999, when there were plans to list this subsidiary separately. Sekunjalo Health never achieved levels of meaningful profitability, leaving the N-shareholders clutching worthless scrip. But some ...
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