Published 03 March 2020, by Sizwe Dlamini

Mandla Mbusi said the PIC should continue to make good on South Africa’s democratic charter to support real economic transformation. Photo: Ian Landsberg/African News Agency (ANA).

CAPE TOWN – Sekunjalo spokesperson Mandla Mbusi called on the Public Investment Corporation (PIC) to continue to support AYO Technology Solutions in alignment with the South African government’s economic transformation policies.

Mbusi said yesterday that the PIC should continue to make good on South Africa’s democratic charter to support real economic transformation.

Sekunjalo was the major shareholder in African Equity Empowerment Investment (AEEI), in turn, a major shareholder in AYO. “As such, the company holds firm to the belief that the PIC should cease its anti-transformational challenges of AYO in order to allow the company to trade and operate in a free and fair manner, in line with South Africa’s desire to economically emancipate black-owned and black-managed businesses.”

Mbusi emphasised that AYO has been given a clean audit and has not been found to have been in breach of any rules and regulations. Furthermore, the company has also been cleared in terms of the PIC Commission of Inquiry of 2019 and the AYO has complied fully.

The company has also been extensively reviewed by the Johannesburg Stock Exchange (JSE), remains on the bourse and in fact, now has more than R5 billion in assets. Mbusi pointed out that AYO was also a highly profitable ICT business that employs more than 1 000 highly skilled employees. It is growing at a time when many organisations are shrinking. The company continues to grow its value – to shareholders and to the country.

Please read the full article here.