Walton sponsor to offload 1.5 lakh shares
Walton's free float shares are currently only 1.01% of its total shares
Walton Hi-Tech Industries Ltd's sponsor Director SM Ashraful Alam has declared that he will sell 1.5 lakh shares of his holdings in the block market of the Dhaka Stock Exchange (DSE) within the next 30 days.
He currently holds 65,855,111 shares of the company, and he will sell the said shares at the prevailing market price, according to disclosure on the DSE on Sunday (14 January).
According to company sources, he made the decision as per the securities regulators' direction to increase free float shares to 10% in the stock market.
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Walton's free float shares are currently only 1.01% of its total shares.
The Bangladesh Securities and Exchange Commission (BSEC) earlier 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 2021, 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 Sunday, Walton's share price stuck at Tk1,047.70 each on the DSE.
