PIC's shares in Iqbal Survé-linked IT group AYO's were worth R300m, not R4.3bn - expert witness

IT company AYO was "wholly overvalued" when the Public Investment Corporation (PIC) sunk R4.3 billion into it in late 2017, an expert witness told the Western Cape High Court on Thursday. 

AYO, part of businessman Iqbal Survé's Sekunjalo group, had a valuation of R14.8 billion when it listed on the JSE in the week before Christmas, 2017. 

The PIC bought 29% of its shares for R4.3 billion in its initial public offering. Since its investment, AYO's shares have fallen by around 90%.