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The Citizen
4 days ago
- Business
- The Citizen
Ayo fined over breach of listing rules
JSE has fined the company R500 000. JSE-listed Ayo Technology Solutions has been fined R500 000 for not releasing a Sens announcement with full details of a share buyback after agreeing to a settlement agreement with the parties on 23 March 2023. On Thursday, the JSE said in a Sens update that the fine is wholly suspended for five years, provided the technology company is not found to be in breach of similar provisions of the listings requirements during the suspension period. Read: Ayo suspended from JSE This comes after Ayo announced that its parent company, Sekunjalo Investment Holdings, led by controversial businessman Iqbal Survé, planned to buy out minority shareholders before the company delisted. In the Sens, Ayo said Sekunjalo will acquire the offer shares, a maximum of 155 331 790 shares, for which valid acceptances are received prior to the closing date of the offer, for a total offer consideration of R80 772 531. Read: Iqbal Survé's R50bn grand plan for Ayo [Apr 2019] In February 2025, the JSE suspended trading in Ayo shares for failing to publish its annual report for the year to August 2024. 'I believe we have done everything within our power to ensure compliance with the listings requirements, however, the release of our results is contingent on the external quality reviewer, the independence and process of which we respect,' said Ayo CEO Amit Makan in a statement. Read: Ayo shareholders agree to repay R619m to PIC [Jun 2024] For this new offence, the JSE says the company was found to be in breach of paragraph 11.25 of the listings requirements, and the purpose of these requirements is to ensure that a repurchase of shares by a company from specifically named parties is conducted transparently and fairly. The stock exchange says this rule highlights the need to keep investors informed by sharing important updates on Sens, especially when it could impact investment decisions or share value. Read: Ayo shareholders agree to repay R619m to PIC 'The JSE finds it unacceptable that Ayo failed to immediately inform shareholders that it had agreed to repurchase its shares from the parties as part of the settlement agreement.' The company's shares have dropped to 40c, down 99% from the peak of R45 in 2017. This article was republished from Moneyweb. Read the original here.
The South African
5 days ago
- Business
- The South African
Water shortages in Brits to soon be a thing of the past
The Deputy Minister of Water and Sanitation, David Mahlobo Image via Instagram: david_mahlobo Home » Water shortages in Brits to soon be a thing of the past The Deputy Minister of Water and Sanitation, David Mahlobo Image via Instagram: david_mahlobo On 5 June 2025, the Deputy Minister of Water and Sanitation, David Mahlobo will conduct an oversight visit to the Brits Water Treatment Works. Brits WTW falls under the Madibeng Local Municipality, where Mahlobo will be assessing the progress made on upgrading the facility. 'The deputy minister will be accompanied by the MEC for Cooperative Governance, Human Settlements and Traditional Affairs, Gaoage Oageng Molapisi', said Water Department spokesperson, Wisane Mavasa. The executive mayor of Madibeng Municipality, Douglas Maimane, will also be in attendance. He will be flanked by traditional leaders and other dignitaries at the event said Mavasa. 'The upgrade project of Brits Water Treatment Works is worth more than R80 million fundedby the Department of Water and Sanitation through its Regional Bulk Infrastructure Grant,' said Mavasa. The grant is implemented by Magalies Water Board. Once the project is completed, it will benefit over 75 373 households in the Brits area and surroundings. Mavasa believes this will be a welcomed relief since Brits and other areas nearby are constantly affected by water shortages. According to Mavasa, the project is practically completed. However she cautioned that there are final touches being made on the civil, mechanical and electrical works elements. In order for the upgrades to be successful, all the elements need to be completed said Mavasa. 'As of this month, civil engineering works are at 97%, mechanical engineering at 89%, while electrical engineering works stand at 70%,' she continued. The overall completion of the upgrading project is expected to be completed at the end of August 2025. The water department said this is the deadline they are working towards. Today Mahlobo will be assessing if this goal is attainable. IS YOUR AREA AFFECTED BY WATER SHORTAGES? Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
The Citizen
6 days ago
- Business
- The Citizen
KleuterZone kingpin Anthonie Bougas sequestrated
Court documents show he used large sums of investor money to bankroll personal indulgences – including gambling, international travel and luxury vehicles. Anthonie Bougas, founder and director of the now-defunct KleuterZone franchise group, was officially sequestrated by the Pretoria High Court on Tuesday (3 June). The court granted the final sequestration order following an application by Mathys Krog Attorneys, acting on behalf of the joint liquidators of KleuterZone Operations – Rikus Hartman and Susan Lapoorta. The liquidation of KleuterZone Operations was made final on Wednesday 14 May. Bougas, along with his parents, fled South Africa for Bangkok on 23 February amid the collapse of the nationwide nursery school franchise. He did not oppose the sequestration of his personal estate. ALSO READ: KleuterZone CEO provisionally sequestrated The beginning of the end Moneyweb began probing KleuterZone after being approached by concerned investors who claimed to have been promised exceptionally high returns – sometimes up to 72% – on what was portrayed as a fast-growing national chain of nursery schools. Despite repeated requests, Bougas declined to provide financial statements, and it soon became apparent that the schools did not generate the income to support the investment returns promised. Moneyweb also uncovered that share certificates were issued for companies that didn't exist or whose registration numbers didn't match. Shortly after Moneyweb began publishing its articles, the scheme began to unravel as investors failed to receive the dividends they had been promised. Evidence from ongoing liquidation proceedings points to an operation resembling a Ponzi scheme, where funds from new investors were used to pay existing ones. ALSO READ: KleuterZone's collapse: Parents of founder also facing sequestration Gambling habit Court documents submitted by the liquidators further reveal that Bougas used large sums of investor money to bankroll personal indulgences, including gambling, international travel and luxury vehicles. According to a report by Rapport, Bougas channelled nearly R80 million through a gambling account, although the total amount may still rise as further bank statements are obtained. The elaborate corporate structure of KleuterZone, which included numerous subsidiaries and trading entities, allowed Bougas – who was the sole director – to transfer money between the businesses freely, including into his own personal accounts. This setup complicated the financial oversight and masked the redirection of funds. ALSO READ: Another KleuterZone company in provisional liquidation More to come In addition to Bougas's sequestration, the Western Cape High Court provisionally granted the sequestration of the joint estate of his parents, Rensche and Anton Bougas, who are married in community of property. The application, brought by Hannes Muller and Madelein Kuilder – the provisional liquidators of KleuterZone (Pty) Ltd – alleges that the Bougas parents acted in concert with their son in attracting investor funds under false pretences. In an affidavit, the liquidators argue that Rensche Bougas played a pivotal role in marketing the KleuterZone franchise and was key to sustaining the illusion of a thriving and profitable business. Meanwhile, the liquidation process continues to unfold. So far, three companies linked to the KleuterZone group have been placed in final liquidation. Two more are expected to return to court, on 4 and 11 June respectively. The sequestration of the estate of Kobus Schoeman, KleuterZone's former CEO, is also due for court consideration later this month. This article was republished from Moneyweb. Read the original here.
TimesLIVE
6 days ago
- Business
- TimesLIVE
Municipal managers tell of how ‘KKM' brigade stifle services
Service delivery in Gauteng is being stifled by veteran employees who refuse to ensure crucial jobs are done Frustrated senior managers in Gauteng municipalities and a former member of a municipal council (MMC) have spoken of how veteran local government workers stifle service delivery by being too quick to cite their labour-law rights and point out they have been in public service longer than their bosses... There's never been a more important time to support independent media. From World War 1 to present-day cosmopolitan South Africa and beyond, the Sunday Times has been a pillar in covering the stories that matter to you. For just R80 you can become a premium member (digital access) and support a publication that has played an important political and social role in South Africa for over a century of Sundays. You can cancel anytime. Already subscribed? Sign in below. Subscribe for R80 Sign In Questions or problems? Email helpdesk@ or call 0860 52 52 00. Next Article Would you like to comment on this article? Sign up (it's quick and free) or sign in now. SIGN UP SIGN IN Please read our Comment Policy before commenting.
IOL News
23-05-2025
- Business
- IOL News
AYO Technology shares surge 20% following Sekunjalo Investment Holdings' acquisition offer
Shares in technology group AYO Technology Solutions Limited (AYO) leapt 20% after Sekunjalo Investment Holdings (Sekunjalo) on Friday confirmed that it has made a firm offer to acquire all remaining ordinary shares in South Africa's largest black-owned and managed ICT investment group not already held by it or its related parties. Sekunjalo currently holds a 45% majority shareholding in AYO. Sekunjalo has also submitted a proposal for the voluntary delisting of AYO from the JSE. "Sekunjalo will acquire the Offer Shares, being a maximum of 155 331 790 shares, in respect of which valid acceptances are received prior to the closing date of the Offer, for a total maximum Offer Consideration of R80 772 531," AYO said. It said the Offer will be subject to the condition that the proposed delisting, pursuant to the voluntary delisting provisions of the Listings Requirements, is approved by at least 75% of shareholders present or represented by proxy at the General Meeting and the JSE. Sekunjalo said in a statement, "We hope shareholders will remain on this journey with us, but we also recognise that some may prefer to exit. This offer allows for both – providing liquidity to those who wish to sell and stability for those who believe in the future of AYO. "Sekunjalo firmly believes that transitioning AYO into a private company is a strategic and positive step that will unlock significant value and better position the company for long-term growth." The shares in AYO by midday Friday on the JSE surged 8 cents to 48 cents. Sekunjalo also said that it has a proven track record of investing in and supporting companies post-delisting, including Premier Fishing and Brands and African Equity Empowerment Investments. It said these, and others, have flourished outside the constraints of public markets."The same opportunity now exists for AYO," it added. The decision to propose delisting is underpinned by several factors, including the high cost of maintaining a listing, the limitations imposed by regulatory requirements on agile decision-making, and the persistent misrepresentation of AYO's history in the public domain, which has hampered its ability to grow and contribute meaningfully to South Africa's digital economy and capital markets transformation, Sekunjalo said. Sekunjalo has been a long-term investor in AYO for more than two decades, dating back to its original investments through Sekunjalo Healthcare and later HST. The Group remains deeply committed to technology as a lever for inclusive economic empowerment and continental growth. AYO, which maintains a diversified technology investment portfolio with strong underlying subsidiaries, stands to benefit from the ability to pursue its strategy without the volatility and distractions of public listing status. Sekunjalo strongly believes that AYO's executive leadership, who have already stabilised operations and streamlined cost centres, will be better placed to drive innovation and expansion in a private structure. Sekunjalo said, "Delisting will allow the company to focus its energy on execution and transformation, rather than compliance and litigation. This is about putting AYO and its subsidiaries in a position to thrive - here at home and across the continent." AYO said, in accordance with the requirements of the takeover regulations, it has constituted an independent board comprising Rosemary Mosia, Sello Rasethaba, and Adv Ngoako Ramathlodi (Independent Board) for purposes of evaluating the terms and conditions of the offer. BUSINESS REPORT
