Sunil Varghese tells commission of inquiry that the initial valuation process of Ayo led to a ‘base case value of R43 per share’, contrary to earlier testimony
Former Public Investment Corporation CEO Dan Matjila. Picture: SUNDAY TIMES
This is in contrast with earlier testimony from Varghese’s subordinate Victor Seanie, who testified in January that the “excessive” R43 a share was set by Ayo and was non-negotiable. The PIC invested R4.3bn in the technology firm. Its Ayo investment has been particularly controversial as the initial public offering in December 2017 was shunned by other fund managers, who saw the IPO as significantly overvalued.
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