it paid to Ayo after an internal audit report found that approval and governance processes were not followed in a deal approved by former chief executive Dan Matjila without consulting the approval committee.
When the PIC would not pay the initial asking price brought by Sagarmatha because it was too steep, Matjila returned with a side offer not disclosed to the transaction committee that would see the PIC buy more shares in the company for nearly 80% less than other subscribers on the same day that it made its debut on the JSE.
Sagarmatha initially approached the PIC with an asking price of R39.62 a share to “build a pan-African media and e-commerce company” on the JSE which would later list on the Nasdaq — an American stock exchange. “That was our intrinsic value. [Matjila] was pro the deal and our valuation indicated otherwise so it was a diplomatic way of saying ‘no’,” Varghese added.
So media is persecuting Dr Surve for being black. What is wrong with receiving funding from PIC when billions have been given to white businesses by the same PIC? So this PIC is only for white companies.
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