Currently, Walton’s free float shares on the DSE are 1.01%
To comply with regulatory obligations, directors of Walton Hi-Tech Industries have so far declared to sell a total of 5.75 lakh shares as part of an initiative to increase the company’s free-float shares to 10% in the secondary market of the stock exchanges.
Free-float refers to the shares of a company that are available to the public for trading in the secondary market.
As per the disclosure at the Dhaka Stock Exchange (DSE), Walton directors SM Ashraful Alam and SM Mahbubul Alam are offloading 4.75 lakh and 1 lakh shares, respectively, at the prevailing market price.
They have announced plans to sell these shares from 25 August 2022 to 14 January 2024. The declared sale order represents only 0.19% of the company’s total shares.
But SM Ashraful Alam has sold only 1 lakh shares out of his declaration due to a lack of buyers, as the company’s shares have been stuck at the floor price of Tk1,047.7 since August 2022.
Currently, Walton’s free float shares on the DSE are 1.01%.
Earlier, the Bangladesh Securities and Exchange Commission (BSEC) gave the company’s sponsors and directors three years to ensure at least 10% free-float shares.
In September 2021, the BSEC asked Walton Hi-Tech Industries, Berger Paints Bangladesh Ltd, and the Investment Corporation of Bangladesh to ensure a minimum of 10% free-float shares within a year through the offloading of sponsor-held shares.
In May 2022, the market regulator extended the time limit to three more years to ensure at least 10% free float shares on the stock exchange.
In 2020, Walton – the country’s electronics and technology giant – raised Tk100 crore by issuing only 0.97% shares.
The electronic manufacturing giant paid a 300% cash dividend to its general shareholders for the fiscal year 2022-23. But its sponsors and directors received only a 90% cash dividend for the last fiscal.
source: tbsnews.net
walton directors share sell Walton directors SM Ashraful Alam and SM Mahbubul Alam
