Iqbal Survé. Picture: TREVOR SAMSON
Iqbal Survé. Picture: TREVOR SAMSON

Iqbal Survé-linked African Equity Empowerment Investments (AEEI) said on Wednesday that it had swung into a basic loss after regaining control of its subsidiary, Ayo Technology.

Ayo Technology is now considered a subsidiary, from an associate before, with the company saying it had incurred a one-off accounting loss on a deemed disposal of an associate.

AEEI, whose share price has lost three-quarters of its value in 2019, is expecting a basic loss per share of between 189.5c and 391.6c from the prior period’s basic earnings of 1,010.01c.

Headline earnings per share for the year to end-August are expected to rise more than fourfold compared to the 24.24c in the prior comparative period.

Ayo Technology has been the subject of a Financial Sector Conduct Authority (FSCA) investigation into alleged share price manipulation, while a commission of inquiry into impropriety at the Public Investment Corporation (PIC) is also looking into whether Ayo benefited unduly from PIC investments.