SETTLEMENT WITH AYO TECHNOLOGIES

PRETORIA, 24 MARCH 2023 – The Public Investment Corporation (PIC) and AYO Technology Solutions Limited (AYO) have reached a settlement of the proceedings instituted in the Western Cape Division of the High Court of South Africa against AYO.

The settlement was made an order of court by the High Court, today, 24 March 2023.

The parties have sought to resolve the long-running litigation in a manner that best protects the interests of their stakeholders, in the circumstances, and with a view to giving the business of AYO a chance to create growth and value into the future.

Issued by PIC Corporate Affairs, 24 March 2023