Sizwe Africa IT Group is an indirect 55%-owned subsidiary of AYO Technology Solutions. Picture: Armand Hough / Independent Newspapers.
AYO Technology Solutions said Friday that the JSE had found that there were no related parted interests on the disposal by subsidiary Sizwe Africa of its 70% interest in Cyberantix.
On October 8, AYO’s board announced that Sizwe Africa IT Group, an indirect 55%-owned subsidiary of AYO, had entered into a sale of shares and claims agreement with Mustek and Cyberantix for the sale of Sizwe’s 70% interest in the issued share capital of Cyberantix, and all shareholder claims on loan account or otherwise held by Sizwe against Cyberantix, for R20 million.
At the time, shareholders were advised that the company would seek clarity from the JSE to obtain certainty regarding potential related party implications. The remaining 30% interest in Cyberantix is owned by NIL Data Africa.
AYO said the Johannesburg Stock Exchange had since ruled that the disposal was not classified as a related party transaction. AYO's share price closed unchanged at 50 cents on the JSE on Friday.
Cyberantix is a South African company that provides Security Operations Centre as a Service, mainly focusing on cybersecurity solutions for small to medium enterprises. Its services include real-time monitoring, incident detection and response, as well as advanced cyber defence solutions.
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