African Equity Empowerment Investments (AEEI) has made a key executive appointment at Ayo Technology Solutions, a subsidiary that is planning for a separate JSE listing in 2018. On Tuesday, AEEI confirmed the appointment of Kevin Hardy, the former MD for Africa at telecoms giant British Telecommunications, as CEO of Ayo. He will take up the appointment from December. Hardy’s appointment is significant as one of Ayo’s main components in terms of value will be a 30% stake it has in British Telecommunications SA (BTSA). AEEI has held the BTSA stake since 2009 and is transferring the stake into Ayo for the upcoming listing. A recent investor presentation covering AEEI’s results for the year to end-August suggested an estimated current value of R1bn for the BTSA stake. Khalid Abdulla, the CEO of AEEI, said the Ayo board decided it was time to appoint a focused individual to drive the next phase and build growth. Hardy would be responsible for driving Ayo into its next significant growth ...

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