Walton to enter stock market
Economic Reporter –
Walton Hi-Tech Industries Limited, a sister concern of Bangladeshi electronic giant Walton, is going to enter stock market with the aim to make countrymen its development partners in the rapid progress of manufacturing technology products. Moreover, Walton is targeting to expand its international market and flourish as a multi-national brand though exporting high quality ‘Made in Bangladesh’ products.
The authorized capital of the company has been shown Tk 600 crore. And the paid-up capital is Tk 300 crore. Walton is not giving any private placements in the stock market. The company will float IPO (initial public offering) in the stock market through book building system. AAA Finance & Investment Ltd. acts as the issue manager of Walton in the capital market while Prime Bank Investment Limited is its registrar to issue.
How much money will be collected from the stock market? Responding to this question, Walton's Additional Operative Director Md. Yaqub Ali FCA said that the amount of capital is not a major issue here. 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 our people with the development of Walton.
He said Walton High-tech Industries Limited has achieved admiration in home and abroad for producing world-class refrigerators, freezers and air conditioners. Walton launched the country's first and only compressor manufacturing plant last year which resulted in the emergence of Bangladesh as the eighth compressor producing country in Asia and 15th in the world. The 'Made in Bangladesh' labeled compressors, its parts, refrigerators and various products are exported to different countries in the world. Now aiming the world market, Walton is planning to increase its production of refrigerators and air conditioners with latest technology and design.
Edward Kim, head of Walton's International Business Unit (IBU) said the company has set a target of earning $1 billion by 2028 through the export 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. Walton wants to increase public partnership with the company and that’s why the company is floating IPOs in the stock market.
According to sources, Walton, in future, has the plan of getting enlisted in the stock markets of other countries in the world including Singapore, Hong Kong, Beijing, Shanghai.