SM Shamsul Alam, chairman of Walton Hi-Tech Industries PLC, is transferring over 3.64 crore shares to his family members. Alam, who owns 6 crore shares (19.81% of Walton), will transfer 1.81 crore shares to his daughter Sabiha Jarin Orona and 90.81 lakh shares to his wife Shahinur Akter Jolly. His other daughter, Tahmina Afrose Tanna, will receive 91.75 lakh shares. The transfer, classified as a gift, will occur outside the trading system within the next 30 working days starting from September 11, 2024.
Currently, Walton’s sponsor-directors hold 98.51% of the company’s 30.29 crore shares. Walton went public in 2020 with only 1% of its shares, but a 2021 BSEC directive increased the free-float shares requirement to 10% to curb market manipulation. As of June 30, 2024, Walton has sold 15.85 lakh shares to general shareholders. For the fiscal year 2023-24, Walton reported a profit of Tk 1,356 crore, up by Tk 573.85 crore from the previous year, and declared 200% cash dividends for sponsor-directors and 350% for general shareholders.
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