Special Correspondent: SM Rezaul Alam, a sponsor director of Walton Hi-Tech Industries PLC, a listed electrical and electronics appliance giant, has announced his plan to transfer 1.21 crore Walton shares, valued at Tk600 crore, to his daughter and wife.

The publicly traded company's director made the announcement through the Dhaka Stock Exchange (DSE) on Wednesday.

As per his declaration, Rezaul Alam has expressed his intention to transfer 6,060,000 shares of the company to his daughter Roshmi Ruhi and 6,060,000 shares of the company to his spouse Fahima Husna (both are general shareholders of the company) by way of gift outside the trading system of the exchange within the next thirty working days with effect from January 20, 2025.

Currently, Rezaul holds 2.59 crore Walton shares, accounting for 8.58% of the company's total shares.
Earlier in December of last year, he made a similar gift of shares to his daughter and spouse. On Wednesday, Walton shares closed at Tk503.80 on the Dhaka Stock Exchange, reflecting a 1.27% decline from the previous session.

This move is part of a broader plan by Walton's leadership to gradually transfer ownership to the next generation, according to the company's officials.

Earlier, five other sponsor directors of Walton had transferred significant amounts of shares to their family members between September and December.

Out of which, SM Mahbubul Alam transferred 2.05 crore shares, SM Ashraful Alam 1.51 crore shares, SM Nurul Alam Rezvi 90 lakh shares, SM Shamsul Alam 3.64 crore shares and SM Monjurul Alam 1.20 crore shares to their family members. As a result of these transfers, the sponsors-directors' combined holding in Walton has declined from 98.51% in June 2024 to 69.07% in December 2024, according to the company's shareholding report.

Walton Hi-Tech Industries continues to demonstrate robust financial growth. In the fiscal year 2023-24, the company reported a profit of Tk1,356 crore, marking an increase of Tk573.85 crore from the previous fiscal year.

The company also rewarded shareholders handsomely, with the board of directors approving a 200% cash dividend for sponsor-directors' and a 350% dividend for general shareholders.

Currently, Walton is leading the refrigerator market with more than 72 per cent of the market share. Besides, the company is doing well in televisions, air conditioners, ceiling fans, LED lights and home appliances sectors as well.

Walton began exporting refrigerators in 2011 and also exports various electronic products, including refrigerators, mobile phones, compressors and televisions, to European, Asian, and African countries.
In 2020, Walton had raised Tk 100 crore through the capital market. The company has a paid-up capital base of Tk 302 crore.

Incorporated in 1977, Walton Hi-Tech Industries started manufacturing refrigerators, freezers, air conditioners, and compressors in early 2008.