Sekunjalo moves to take AYO private, citing growth prospects
Sekunjalo said it believes taking AYO private represents a strategic step that will unlock significant value and better position the company for sustained growth.
Image: Independent Media File
Sekunjalo Investment Holdings has made a firm offer to acquire all remaining shares in AYO Technology Solutions Limited, the country's largest black-owned and managed ICT investment group, signalling its confidence in the company's long-term value.
Sekunjalo, which already holds a 45% majority stake in AYO, announced on Thursday it has also proposed a voluntary delisting of the firm from the Johannesburg Stock Exchange (JSE).
The offer would allow shareholders to either exit with liquidity or remain invested in a private structure poised for future expansion.
I
n a statement, Sekunjalo said it believes taking AYO private represents a strategic step that will unlock significant value and better position the company for sustained growth.
'Delisting AYO will enable the company to focus on execution and transformation, rather than the administrative burdens and volatility associated with public markets,' the group said.
'We remain committed to supporting inclusive economic empowerment and using technology as a lever for growth across the continent.'
Video Player is loading.
Play Video
Play
Unmute
Current Time
0:00
/
Duration
-:-
Loaded :
0%
Stream Type LIVE
Seek to live, currently behind live
LIVE
Remaining Time
-
0:00
This is a modal window.
Beginning of dialog window. Escape will cancel and close the window.
Text Color White Black Red Green Blue Yellow Magenta Cyan
Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan
Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan
Transparency Transparent Semi-Transparent Opaque
Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps
Reset
restore all settings to the default values Done
Close Modal Dialog
End of dialog window.
Advertisement
Next
Stay
Close ✕
Sekunjalo highlighted its track record with other companies it has taken private, including Premier Fishing and Brands and African Equity Empowerment Investments (AEEI), noting that both had flourished outside the constraints of the public markets.
The group cited several reasons for pursuing a delisting, including the high costs of maintaining a JSE listing, regulatory restrictions on agile decision-making, and what it termed the persistent misrepresentation of AYO's history in the public domain.
These factors, it said, have hampered the company's ability to contribute meaningfully to South Africa's digital economy and capital markets transformation.
Sekunjalo's association with AYO dates back more than two decades, through early investments made via Sekunjalo Healthcare and later HST.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
IOL News
3 hours ago
- IOL News
Nintendo says sold record 3. 5m Switch 2 consoles in first four days
Featuring a bigger screen and more processing power, the Switch 2 is an upgrade to Nintendo's blockbuster Switch console Image: Nintendo Nintendo said Wednesday it had sold a record 3.5 million Switch 2 units worldwide in the first four days after the console was launched. "This is the highest global sales level for any Nintendo hardware within the first four days," the Japanese video game giant said in a statement. Featuring a bigger screen and more processing power, the Switch 2 is an upgrade to Nintendo's blockbuster Switch console. It was released last Thursday to a global swell of fan excitement that included sold-out pre-orders and midnight store openings. Since its 2017 launch, the original Switch -- which enjoyed a popularity boost during the pandemic with hit games such as "Animal Crossing" -- has sold 152 million units. That makes it the third best-selling console of all time. Analysts predicted last week that Nintendo could score record early sales with the Switch 2 -- but it remains to be seen if it can match the performance of its predecessor. Challenges for Nintendo include uncertainty over US trade tariffs and whether it can convince enough people to pay the high price for its new device. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading The Switch 2 costs $449.99 in the United States, compared to a launch price of $299.99 for the original Switch. Both are hybrid consoles which can connect to a TV or be played on the go. New games such as "Donkey Kong Bananza" and "Mario Kart World" -- which allow players to go exploring off-grid -- are also more expensive than existing Switch titles. Nintendo forecasts it will sell 15 million Switch 2 consoles in the current financial year, roughly equal to the original in the same period after its release. The Switch 2 "is priced relatively high" compared to its predecessor, so it "will not be easy" to keep initial momentum going, the company's president Shuntaro Furukawa said at a financial results briefing in May. The Switch 2 has eight times the memory of the first Switch, and its controllers, which attach with magnets, can also be used like a desktop computer mouse. New functions allowing users to chat as they play online and temporarily share games with friends could also be a big draw for young audiences used to watching game streamers. Success is crucial for Nintendo: while the "Super Mario" maker is diversifying into theme parks and hit movies, around 90% of its revenue still comes from the Switch business, analysts say. AFP
IOL News
4 hours ago
- IOL News
Lingering questions over the mysterious death of former Steinhoff CEO Markus Jooste
There is still no vital information regarding the death of former Steinhoff CEO Markus Jooste. Image: Henk Kruger/Independent Newspapers More than a year after the mysterious death of former Steinhoff CEO Markus Jooste, vital information regarding his death remains unaccounted for, said a police source. Jooste, who was ordered to pay a R475 million fine for accounting fraud by the Financial Sector Conduct Authority (FSCA). However, he allegedly shot himself after police notified him that an arrest warrant had been issued against him. It was reported that he succumbed to a gunshot wound at his Cape Town residence in Hermanus, but questions surrounding the circumstances of his death remain a mystery Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ The source said there was still no post-mortem and morgue number in the inquest docket and there was no proof of the weapon he allegedly used. The Western Cape police said in a statement yesterday that the allegations were unfounded, as a post-mortem had been conducted and the report had been filed in the docket for court purposes. 'The investigation into the death of the late Mr Jooste had been concluded and the docket was submitted to the National Prosecuting Authority to be placed on the court role where a formal inquest will be conducted. "The firearm used during the incident was subjected to ballistic tests. Thereafter, returned to the executor as the weapon was registered in the name of the deceased. A report of the ballistic test is filed in the docket for court purposes. The result of both reports will only be disclosed during the formal inquest hearing in court. The date is yet to be determined,' read the statement The FCSA said Jooste had played a role in the publishing of misleading financial statements about Steinhoff International Holdings. Fake transactions worth $6.5bn were made by Steinhoff executives in order to inflate profits, an audit by PwC found. Close to 98% of Steinhoff's share value was wiped out in 2017 when the accounting scandal first broke. Jooste resigned as chief executive but denied any knowledge of accounting fraud. He was also later fined for insider trading in 2020. Last week, a social justice movement, the Progressive Civics Congress (PCC) told IOL that the public deserves transparency and accountability over the scandal, adding that the silence from authorities raises suspicion. 'Jooste was involved in compromising the Public Investment Corporation (PIC) funds, amounting to R200 billion, belonging to the Government Employees Pension Fund (GEPF)." "The Steinhoff scandal was a national issue, yet we have no answers about what happened to those pension funds. The public deserves transparency and accountability—and the silence from authorities raises suspicion.' The organisation further criticised the silence of labor unions, which traditionally advocated for workers' rights and oversight in such matters, saying their inaction may have contributed to the ongoing economic crisis, asserting that the loss of investment confidence and subsequent budget deficits have directly impacted ordinary citizens. Crime expert and violence monitor, Mary de Haas, also pointed out the broader issues of accountability and the integrity of investigations. She told IOL that provincial police commissioners have the authority to expedite inquiries but have seemingly done little to resolve the case or uncover the truth. 'Questions about whether Jooste truly died by suicide or was murdered remain unanswered,' de Haas said. 'The only way to find out is through the post-mortem report, but access to such crucial documents is often denied or delayed. Without it, we are left to speculate.' De Haas also highlighted the broader pattern of disappearances and unexplained deaths linked to political and financial scandals in South Africa, raising fears that some cases might be deliberately obscured to protect powerful interests.
IOL News
13 hours ago
- IOL News
The enigma of Markus Jooste's death
There is still no vital information regarding the death of former Steinhoff CEO Markus Jooste. Image: Aemand Hough More than a year has passed since the mysterious death of former Steinhoff CEO Markus Jooste, yet crucial details surrounding the incident remain elusive. A police source has revealed that vital information regarding his death is unaccounted for. Jooste, who was ordered to pay a R475 million fine for accounting fraud by the Financial Sector Conduct Authority (FSCA), allegedly shot himself after police notified him that an arrest warrant had been issued against him. It was reported that he succumbed to a gunshot wound at his Cape Town residence in Hermanus. However, questions surrounding the circumstances of his death remain unanswered. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ The source said there is still no post-mortem and morgue number in the inquest docket and there is no proof of the weapon he allegedly used. The Western Cape police on Tuesday said these allegations were unfounded as a post-mortem had been conducted and the post-mortem report had been filed in the docket for court purposes. 'The investigation into the death of the late Mr Jooste had been concluded and the docket was submitted to the NPA to be placed on the court role where a formal inquest will be conducted. "The firearm used during the incident was subjected to ballistic tests and thereafter returned to the executor as the weapon was registered in the name of the deceased. A report of the ballistic test is filed in the docket for court purposes. The result of both reports will only be disclosed during the formal inquest hearing in court. The date is yet to be determined.' The FCSA said Jooste had played a role in the publishing of misleading financial statements about Steinhoff International Holdings. Fake transactions worth $6.5bn were made by Steinhoff executives in order to inflate profits, an audit by PwC found. Close to 98% of Steinhoff's share value was wiped out in 2017 when the accounting scandal first broke. Jooste resigned as chief executive but denied any knowledge of accounting fraud. He was also later fined for insider trading in 2020. Last week, a social justice movement, the Progressive Civics Congress (PCC) told IOL that the public deserves transparency and accountability over the scandal, adding that the silence from authorities raises suspicion. 'Jooste was involved in compromising the Public Investment Corporation (PIC) funds, amounting to R200 billion belonging to the Government Employees Pension Fund (GEPF)." "The Steinhoff scandal was a national issue, yet we have no answers about what happened to those pension funds. The public deserves transparency and accountability—and the silence from authorities raises suspicion.' The organisation further criticised the silence of labor unions, which traditionally advocate for workers' rights and oversight in such matters, saying their inaction may have contributed to the ongoing economic crisis, asserting that the loss of investment confidence and subsequent budget deficits have directly impacted ordinary citizens. Crime expert and violence monitor, Mary de Haas, also pointed out the broader issues of accountability and the integrity of investigations. She told IOL that provincial police commissioners have the authority to expedite inquiries but have seemingly done little to resolve the case or uncover the truth. 'Questions about whether Jooste truly died by suicide or was murdered remain unanswered,' de Haas said. 'The only way to find out is through the post-mortem report, but access to such crucial documents is often denied or delayed. Without it, we are left to speculate.' De Haas also highlighted the broader pattern of disappearances and unexplained deaths linked to political and financial scandals in South Africa, raising fears that some cases might be deliberately obscured to protect powerful interests. Cape Argus
