In order to increase public partnership with the company, the country’s electronics manufacturer Walton Hi-Tech Industries Limited is going to float shares in the stock market.
The company has planned to enter the stock market to create a space for the people partner with its development process amid rapid progress in manufacturing technology products.
Moreover, Walton is targeting to expand its international market and flourish as a multi-national brand by exporting high quality ‘Made in Bangladesh’ products, a company statement said.
The company’s authorised capital is Tk 600 crore while its paid-up capital is Tk 300 crore. The company is not giving any private placements in the stock market and will float IPO (initial public offering) in the stock market through book building system. AAA Finance & Investment Ltd is acting as the issue manager of Walton in the capital market while Prime Bank Investment Limited is its registrar to issue, it added.
Responding to a query on how much fund is the company going to collect from the capital market, Md. Yaqub Ali FCA, additional operative director of the company said the amount of capital is not a major issue. The technological excellence of Bangladesh is now an example for other countries in the world. Walton is now the country’s number one brand of electronics products. The main objective is to involve the people with the development of Walton.
Edward Kim, head of Walton’s International Business Unit (IBU) said the company has set a target of earning $1 billion by 2028 through exports of technology products and spare parts. He is also optimistic about meeting the target before the scheduled time. Walton is moving forward following the same approach of international tech giants like Google, Apple or Microsoft, he added.
Abul Bashar Hawlader, executive director and CFO of Walton, said the company fully follows the Corporate Governance Code-2018. Profit sharing is distributed among employees. Green technology is used in the production system for which Walton Hi-Tech Industries Ltd has received National Environment Award this year and HSBC Export Excellence Award for the production of import alternative products.
According to sources, Walton, in future, has a plan of getting enlisted in the stock markets of other countries in the world including Singapore, Hong Kong, Beijing, Shanghai.