Another sponsor to sell 1 lakh Walton shares
Walton Hi-Tech Industries' sponsor director SM Ashraful Alam announced the sale of one lakh shares in order to comply with the regulatory order to ensure at least 10% free-float shares in three years.
According to the Dhaka Stock Exchange (DSE), Ashraful Alam was holding 6.6 crore of the company's shares prior to the regulatory order in May this year, when only 0.97% of the shares of the electronic appliance giant were floating free in the market.
In August, he announced his intention to sell one lakh shares, and making the most of it, he now holds 6,59,16,762 of the company's shares.
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The term "free-float" refers to a company's shares that are available to the public for trading in the secondary market, as sponsor-directors must publicly announce any purchases or sales of shares.
Walton sponsor-directors will have to sell around 2.7 crore shares in three years, and these sale announcements are only the tip of the iceberg.
Another Walton director, SM Mahbubul Alam, who owns 5.40 crore shares, announced on Wednesday that he would sell one lakh shares at the current market price within 30 working days.
The shares closed at the floor price of Tk1,047.7 each on Thursday.
Owing to the rapid appreciation of the dollar against the taka, Walton Hi-Tech Industries has incurred a loss for the first time in its history in the July-September quarter.
Meanwhile, the dull trading in Dhaka and Chattogram bourses continued on Thursday.
DSEX, the broad-based index of the capital city bourse, inched down by 0.06% to 6,256 on Thursday, and turnover there slightly declined to Tk425 crore from Tk430 crore.
