Iqbal Survé-controlled Ayo Technology Solutions’ cash balance is declining at a rapid rate according to financial results for the year ending August published on Friday.

Ayo’s cash balance fell by R628m during the year, from R4.3bn at the end of 2018, to R3.68bn at the end of this financial year. During the year, cash generated from operations fell by 35% to R88.9m, yet the company paid R223m in dividends...

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