AYO Technology Solutions has confirmed its acquisition of 30% of shares in British Telecommunications South Africa (BTSA).
AYO acquired the stake in BTSA from African Equity Empowerment Investments (AEEI).
Kevin Hardy, CEO of AYO, comments: “The strategic relationship and incorporation of the BTSA products and services into the AYO ecosystem, together with the company’s empowerment credentials, now allows AYO to engage with a greater number of large multinationals operating in South Africa and abroad.”
The SENS announcement reads: “Questco Proprietary Limited, an independent expert, was appointed to compile a fairness opinion on the Subscription value in terms of paragraph 10.4(f) of the JSE Listing’s Requirements. Questco has considered the terms and conditions of the Subscription and is of the opinion that the terms and conditions of the Subscription are fair to the shareholders of AYO Technology Solutions Limited.”
Hardy adds: “We welcome the confirmation of this transaction, this is another achievement for AYO as set down in the PLS, and we look forward to sharing further news with the market and our stakeholders as we progress. BTSA has been a significant partner to the Group and is an integral part of AYO’s further growth and transformation strategy.”