Controversy-plagued Ayo Technology Solutions has been suspended from trading on the JSE, the stock exchange announced in a brief statement to investors on Wednesday.
The Iqbal Survé-linked Ayo failed to comply with JSE listing requirements by not publishing its annual report for the year ended 31 August 2024 within the prescribed timeframe.
“In accordance with the provisions of paragraphs 1.6 and 1.7 of the requirements and section 12(2) of the Financial Markets Act of 2012, the listing of the company’s securities has been suspended with immediate effect,” the JSE said.
“This announcement is placed by the JSE in the interest of shareholders.”
Ayo has told shareholders on several occasions in recent months that it has not been able to publish its annual results or its annual report due to delays the work of its auditors.
In the most recent statement, on 14 February — the date on which it had previously promised to publish its financial statements — Ayo said there had been a further delay.
“While we anticipated releasing our audited annual financial statement on or about 14 February 2025, the auditor’s engagement quality control review confirmed it is not yet finalised,” it said.
Read: Tricky start to 2024 for Ayo and Iqbal Survé
“This matter is beyond the direct control of Ayo’s management, and Ayo takes it seriously to ensure the financial integrity of the results. Ayo expects, therefore, to release the audited annual financial statements on or before 28 February 2025,” it said.
History of trouble
This is not the first time one of Survé’s companies — or even Ayo itself — has had a run-in with the JSE.
In January last year, for example, the bourse threatened to suspend African Equity Empowerment Investments (AEEI) and Ayo Technology Solutions – both of which are controlled by Survé’s Sekunjalo – from trading for failure to submit their annual reports within the four-month period stipulated in the JSE’s listing requirements. — (c) 2025 NewsCentral Media
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