FUND RAISING
AEEI brings forward Ayo Technology listing
African Empowerment Equity Investments (AEEI) will be looking to raise a hefty R4.3bn when it separately lists subsidiary Ayo Technology on the JSE next week. Initial expectations were that AEEI would only list Ayo, which comprises a number of telecoms and information technology interests, at the end of the first quarter of 2018. The earlier-than-expected listing is also surprising in light of the sentiment-eroding developments at large technology group EOH, which has seen its shares battered on the JSE in recent months. The amount of capital to be gathered by Ayo will raise eyebrows considering that AEEI, which separately listed Premier Fishing & Brands in March 2017, only carries a market capitalisation of about R2.9bn. Although not closely watched by mainstream investors, it seems the listing and capital raise is premised on Ayo embarking on an aggressive acquisition strategy. Officially, Ayo reckoned the South African technology sector was experiencing market consolidation to de...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.