LITIGATION AGAINST AYO TECHNOLOGIES

PRETORIA, 07 MARCH 2023 – The case by the Public Investment Corporation (PIC) to set aside its investment in Ayo Technologies Limited (Ayo) and recover R4.3 billion, started in the Western Cape High Court on Tuesday, 7 March 2023. This investment occurred through the PIC’s participation in the Ayo initial public offering (IPO) through a private placement in December 2017. Through this investment, on behalf of its biggest client, the Government Employees Pension Fund (GEPF), the PIC acquired a 29% shareholding in Ayo. In the Ayo litigation, the PIC intends to pursue its claim vigorously.

Through its legal representatives, the PIC will present evidence to the court, which is the appropriate forum to assess the evidence and adjudicate on this matter. The PIC has an obligation and responsibility to ensure that appropriate action is undertaken to protect the value of assets under its management, for the benefit of its clients. The PIC will continue to do so through due and proper legal processes. Out of respect for court proceedings, the PIC will avoid providing running commentary on the unfolding legal proceedings.

Issued by PIC Corporate Affairs, 7 March 2023