The Johannesburg Stock Exchange (JSE) has suspended troubled firm Ayo from the bourse with immediate effect.
Today’s announcement comes after the JSE last year threatened to suspend businessman Iqbal Survé’s African Equity Empowerment Investments (AEEI) and Ayo Technology Solutions from the local bourse.
This, after the companies failed to timeously submit their annual reports on the JSE.
In a statement today, the stock exchange says: “The JSE wishes to advise that the abovementioned company [Ayo] has failed to comply with the JSE listings requirements by not publishing its annual report for the year-ended 31 August 2024 within the period prescribed in paragraph 3.16 of the requirements.
“Accordingly, in accordance with the provisions of paragraphs 1.6 and 1.7 of the requirements and Section 12(2) of the Financial Markets Act No 19 of 2012, the listing of the company’s securities has been suspended with immediate effect.”
Ayo describes itself as a technology investment company with interests in disruptive technologies that advance life, business and economics.
The latest development comes after in August 2020, the JSE fined Ayo R6.5 million for issuing false and misleading financial reports, which were disseminated to the bourse, shareholders and investors.
Ayo has also been battling with First National Bank over the bank’s decision to close its bank accounts due to the associated reputational and business risks.
Ayo’s biggest shareholder is AEEI, and that holder’s parent company is Sekunjalo Investment Holdings.
Sekunjalo, which is also Ayo’s third-biggest shareholder, was founded and is co-chaired by Surve.
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