Stocks
Walton Head to Transfer Over 3.64cr Shares to Family Members
SM Shamsul Alam, the sponsor-director and chairman of Walton Hi-Tech Industries PLC, has decided to transfer over 3.64 crore shares of the company to his wife and daughters. According to Walton’s shareholding report for August, Alam currently holds 6 crore shares, representing 19.81% of the total ownership in the tech giant.
As part of the transfer, his daughter, Sabiha Jarin Orona, will receive 1.81 crore shares, while his wife, Shahinur Akter Jolly, will be allocated 90.81 lakh shares. Both are general shareholders of Walton Hi-Tech Industries. Additionally, his other daughter, Tahmina Afrose Tanna, who serves as a shareholder-director on Walton’s board, will receive 91.75 lakh shares.
The transfer will be made as a gift, taking place outside the stock exchange’s trading system, within 30 working days starting from 11 September 2024, according to the disclosures published by the Dhaka Stock Exchange (DSE).
Currently, Walton’s sponsor-directors hold a dominant stake of 98.51%, equivalent to 30.29 crore shares. The remaining 1.49% is owned by general shareholders, which includes institutions holding 0.66%, foreign investors with 0.10%, and the public owning 0.73%.
Walton entered the public market in 2020 by offering only 1% of its shares. In an effort to prevent market manipulation, the Bangladesh Securities and Exchange Commission (BSEC) mandated Walton in 2021 to increase the number of free-floating shares to at least 10%, alongside other companies such as the Investment Corporation of Bangladesh (ICB) and Berger Paints.
As of 30 June 2024, Walton’s report shows that sponsors and directors sold 15.85 lakh shares to general and institutional investors. In the fiscal year 2023-24, Walton recorded a profit of Tk1,356 crore, reflecting a Tk573.85 crore rise compared to the previous year. The board approved a 200% cash dividend for sponsor-directors and a 350% dividend for general shareholders.
One of the Listed companies, National Polymer Limited has recommended 10.50% Cash Dividend for the year ended June 30, 2024.
It has reported Consolidated EPS of Tk 2.27 paisa, and Consolidated NAV per share of Tk 30.63 for the year ended March 31, 2024.
The Annual General Meeting (AGM) of the company will be held on December 18, through the digital platform. The record date for this has been fixed at October 22.
The Company also discloses its financial reports for the second quarter, (April – June 24).
As per the company’s consolidated life revenue account for April to June 2024, the excess of total income over total expenses, including claims (surplus), stood at Tk 1,394.24 million. This marks a significant increase from the surplus of Tk 823.68 million during the same period in 2023.
For the first half of 2024, from January to June, the company reported a surplus of Tk 2,177.57 million, compared to Tk 1,290.39 million in the corresponding period of the previous year.
Additionally, the Life Insurance Fund balance as of June 30, 2024, reached Tk 55,188.62 million, showing a net increase of Tk 5,892.25 million from Tk 49,296.37 million on June 30, 2023.
One of the Listed companies, Beacon Pharmaceuticals PLC has recommended 20% Cash dividend and 10% Cash Dividend to Sponsor Shareholder and Directors for the year ended June 30, 2024.
It has reported EPS of Tk 2.26 paisa, and NAV per share of Tk. 26.37 for the year ended June 30, 2024.
The Annual General Meeting (AGM) of the company will be held on December 23, through the digital platform. The record date for this has been fixed at October 27.
The Bangladesh Securities and Exchange Commission (BSEC) has removed three audit firms from its panel for their failure to secure enlistment with the Financial Reporting Council (FRC), according to a notice issued today.
The firms—A Hoque & Company, FAMES & R, and SK Barua & Company Chartered Accountants—were delisted following the FRC’s request. In December last year, the FRC published a list of enlisted audit firms and subsequently, in February, requested the BSEC to remove any firms that were not included on that list.
BSEC regulations mandate that financial statements signed by auditors outside its approved panel will not be accepted. With the removal of these three firms, the total number of audit firms on the BSEC panel has been reduced from 48 to 45.
Sources from the FRC revealed that 15-20 audit firms failed to secure enlistment last year, and approximately 45 chartered accountants are currently under restrictions imposed by the Institute of Chartered Accountants.
Although the delisted firms can no longer audit issuer companies or listed securities, they are allowed to complete audit and assurance services that were initiated before their removal, the BSEC clarified.
