Iqbal Survé’s tech company Ayo Technology Solutions is losing top executives.
City Press newspaper reported that Ayo Technology Solutions CEO Kevin Hardy and chief investment officer Siphiwe Nodwele resigned this week.
Hardy and Nodwele quit without warning “with immediate effect”.
The newspaper reported that this development suggest that Ayo’s flagship deal – to acquire 30% of British Telecoms SA (BTSA) for R1 billion from its own parent company – has, for some reason, collapsed.
Ayo controversially received R4.3 billion in funding from the Public Investment Corporation (PIC) when it listed on the JSE late last year.
This was despite internal PIC worries that the state-owned asset manager was paying far too much at R43 a share – now worth R26 each.
For more read: Ayo execs quit as major deal hangs in limbo