Chief Investment Officer at Ayo Technology Malick Salie has revealed that Iqbal Surve directed the valuation of the company prior to its listing. This contradicts what Surve told the commission when he gave testimony saying he was not involved, but a team of experts from his company was responsible for it.
Salie says Surve was involved in the Ayo listing from the beginning.
Salie took the commission through the listing process of Ayo Technology where PIC invested R4.3 billion in the company without following proper procedures in 2017. He says Surve was in contact with former PIC CEO Dan Matjila about involving the PIC even before finalisation of the Prelisting statements.
Salie told the commission that the base valuation for AYO technology was R2.3 billion, but the valuation at listing was at R14.7 billion based on Surve’s input.
The commission heard that PIC’s Victor Seanie requested that the listing date of Ayo Technology be moved, but he was told that the discussion was held with senior PIC executives and it would not be changed.
The commission resumes on Wednesday with the testimony of Roy Rajdar, PIC executive head of impact investing.
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