Walton’s another director to offload 1 lakh shares

Walton Hi-Tech Industries Limited’s Sponsor Director SM Mahbubul Alam announced the offloading of 1 lakh shares in the market.

He will sell these shares in the secondary market through the Dhaka Stock Exchange (DSE) in the next 30 days, said a DSE filing issued on Wednesday.

Mahbubul Alam owns 54 crore shares in the company.

He would sell shares worth of Tk 10.47 crore as per yesterday’s price of Walton scrips. Earlier, the company’s Sponsor Director SM Ashraful Alam offloaded 1 lakh shares.

The company’s sponsor directors were offloading their shares to comply with a regulatory directive that every listed firm must have a minimum of 10 per cent free float shares in the market.

Currently, Walton has only 0.99 per cent free float shares out of its total shares, according to DSE data.

Free-float shares are those shares of a listed firm which are held by external shareholders and who do not need any prior declaration before trading those stocks.

The BSEC in September last year ordered Walton Hi-Tech Industries, Berger Paints Bangladesh Ltd, and some other companies to ensure a minimum of 10 per cent free-float shares each within a year by offloading their sponsor-held shares.