The Johannesburg Stock Exchange (JSE) has 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.
Ayo describes itself as a technology investment company with interests in disruptive technologies that advance life, business and economics.
In a statement yesterday, the stock exchange says: “The Johannesburg Stock Exchange wishes to advise that the above-mentioned companies have failed to submit their annual reports within the four-month period stipulated in the JSE’s listings requirements.”
Accordingly, it adds, their listing on the JSE trading system has been annotated with a “RE” to indicate that they have failed to submit their annual reports timeously and that the listing of their securities are under threat of suspension and possible removal.
“If the above-mentioned companies still fail to submit their annual reports on or before 31 January 2024, then their listing may be suspended.
“This announcement has been placed by the JSE in the interest of shareholders and security holders,” says the JSE.
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.
Since 2021, Ayo has 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.