Walton sponsor to offload 1 lakh shares
Walton Hi-Tech Industries Ltd's sponsor Director SM Ashraful Alam has declared that he will sell 1 lakh shares of his holdings in the secondary market of the Dhaka Stock Exchange within the next 30 days.
He has made the decision as per the securities regulators' direction to increase free float shares to 10% in the stock market.
Currently, Walton's free float shares is only 0.97% of its total shares in the DSE.
Keep updated, follow The Business Standard's Google news channel
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.
Free-float shares are listed company shares held by external shareholders who do not need any prior declaration before trading company stocks.
The BSEC, on 12 September last year, ordered Walton Hi-Tech Industries, Berger Paints Bangladesh Ltd, and the Investment Corporation of Bangladesh (ICB) to ensure a minimum of 10% free-float shares within a year through offloading sponsor-held shares.
On Thursday, Walton's share price fell 0.19% and closed at Tk1,048.80 each on the DSE.
Earlier, in 2020, Walton raised Tk100 crore through issuing only 0.97% shares, which was criticised by the market participants.
