IOL reports that AYO Technology, a majority black-owned ICT company which is a division of African Equity Empowerment Investments (AEEI), is at least 30% women-owned.

It has been reported that the AEEI, AYO’s parent company, will own 49% of the shares post listing.

A number of unions, such as the SA Clothing and Textile Workers Union (Sactwu), the Police and Prison Civil Rights Union (Popcru) and the Federation of Unions of SA (Fedusa), are also shareholders.

READ MORE: Inkunzi Wealth’s student accommodation fund headed for JSE listing

The company’s shares were oversubscribed in December last year with after a private placement, with offers worth R5,3 billion.

Director of Capital Markets at the JSE, Donna Nemer, said that under the leadership of Group CEO Khalid Abdulla, AEEI had listed the first company, Premier Fishing and Brands, of the year on the JSE and closed out 2017 with the last listing – AYO Technology.

“A remarkable achievement for any CEO, not only in SA but in the world,” Nemer was quoted as saying.

Abdulla said AYO was created from a desire to effect real change in South Africa and beyond its borders by adapting its business model with the changing environment and new codes and policies.

Source: IOL