Ayo, which has been in the headlines for all the wrong reasons for years - including numerous censures from the JSE for failing to comply with listing requirements - received a controversial multibillion-rand investment from the Public Investment Corp PIC, the entity that makes investments on behalf of civil servants using their pension contributions, ahead of its 2017 listing.
The company has faced multiple regulatory sanctions over the years, including fines, censures and trading suspensions, mainly due to financial misstatements and governance failures.
In February 2025, Ayo was suspended from trading on the JSE due to its failure to publish annual financial statements on time.
Soon, however, any public visibility into the company's finances may also be a thing of the past should Sekunjalo be successful in its plan to take it private.
Under JSE rules, Ayo must now appoint an independent expert to determine if the offer to minorities is fair. Ayo has also constituted an independent board to assess the offer. Ayo's delisting must be approved by at least 75 of Ayo shareholders. The offer can be taken in the form of cash, it said.