AYO Technology will now trade in the computer services sector. Established in 1996, the division was created from a desire to affect real change in South Africa and beyond, through a belief that the future will be shaped by technological solutions.
Successfully raising capital through private placements ahead of the listing, Khalid Abdulla, group chief executive officer of AEEI said: ”I am absolutely delighted that we have achieved this milestone as part of our Vision 2020 Vision strategy. I have to convey my sincere thanks to the various teams who have worked fervently to ensure a successful listing. This is the largest capital raising exercise that the group has achieved to date and we are proud to be on track with our ground-breaking achievement.”
AYO has a market capitalisation of R14.7bn and is majority black-owned and managed with at least 30% of the company owned by women.
In addition to becoming an equity holder in British Telecommunications Southern Africa (BT), AYO has entered into an alliance agreement with BT, in terms of which AYO and BT have formed an additional strategic partnership in South Africa to further grow within South Africa and abroad.
Newly appointed chief executive officer of AYO Technology, Kevin Hardy said: “It is an exciting time for technology and for AYO in particular as we have the opportunity to forge a new path for South African technology companies into Africa and beyond. With AYO Technology, we have built a very clear proposition that, while servicing the needs of people today, has the proven ability to innovate and deliver on what the future will determine.”
Abdulla stressed the importance of mentoring and empowering previously disadvantaged individuals with ICT skills in order to transform the IT industry across South Africa.
“Our philosophy is to identify, grow and nurture black talent into the business and industry through a sustainable business model. As we cautiously grow beyond South Africa’s borders, we will be replicating this development programme in all the jurisdictions we operate in, to create a lasting legacy of empowerment across the continent,” said Abdulla.
