Walton Hi-Tech Industries Ltd’s sponsor Director, SM Ashraful Alam, has announced plans to sell 1.5 lakh shares from his holdings in the block market of the Dhaka Stock Exchange (DSE) within the next 30 days. Currently possessing 65,855,111 shares in the company, he will sell the specified shares at the prevailing market price, as disclosed on the DSE on Sunday (14 January).
The decision to divest shares aligns with the directives of securities regulators, aiming to increase free float shares to 10% in the stock market. Presently, Walton’s free float shares represent only 1.01% of the total shares.
In response to a directive from the Bangladesh Securities and Exchange Commission (BSEC), sponsors and directors of companies, including Walton Hi-Tech Industries, were given three years to ensure a minimum of 10% free-float shares. Free-float shares are those held by external shareholders who can trade company stocks without prior declaration.
On September 12, 2021, the BSEC directed Walton Hi-Tech Industries, Berger Paints Bangladesh Ltd, and the Investment Corporation of Bangladesh (ICB) to achieve the 10% free-float shares target within a year through the offloading of sponsor-held shares.
As of Sunday, Walton’s share price remained at Tk1,047.70 each on the DSE.
