AEEI shares fall sharply after JSE’s call for Ayo audit

Shares in African Equity Empowerment Investments , Sekunjalo’s public trading company, have lost about a fifth of their value since the company said on Friday last week that it will delay the release of its interim results.

While the stock has been forced down by selling pressure — it has fallen 49.5% so far this year — Swiss private bank Julius Bär Group bought into AEEI in the first quarter of 2019, Bloomberg data shows. AEEI’s institutional shareholder base is small. On Monday, it added that it “needed to consider” an announcement by Ayo Technology Solutions, in which it holds a 49.4% stake, and that the JSE had asked the technology company to get its external auditors to check its interim financial statements.

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