Shares in Ayo Technology Solutions fell to a record low on Monday as its former chief investment officer, Siphiwe Nodwele, told the inquiry into the affairs of the Public Investment Corporation (PIC) that the technology company had been grossly overvalued. In December 2017, the PIC controversially invested R4.3bn into Ayo, acquiring a 29% stake in the process at R43 a share. That valued Ayo at R14.8bn. But Nodwele, who resigned in August 2018 without ever having signed an employment contract with Ayo, said on Monday even a R1bn valuation “would have been extreme”. He said a maximum valuation of R700m was probably more realistic. There was “no real intention” by the company to deliver on its pre-listing statement, including its ambitious revenue targets, Nodwele said. “That would be deliberately misleading to the market," he said. He also said the 30% stake in British Telecommunications SA, which Ayo had pledged to buy from related party African Equity Empowerment Investments (AEEI) ...

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