Ayo warns losses will jump 50%

Technology investment firm Ayo, founded by controversial business person Iqbal Survé, says its headline loss per share will increase as much as 50% for the six months to February. The loss is expected to be between 33.72c and 38,74c, up from a 25c loss in the six months to February 2021, with Ayo citing a decrease in revenue after it sold a division. The Public Investment Corporation, which manages government pension funds, invested a 29% stake worth R4.3bn in the firm when it listed on the JSE in 2017.