Started journey with loan burden worth over Tk 2500 crore investors are curious to know about relationship between Walton hi-tech industries ltd and Walton Group.
Share investors are also skeptical about the profit figures the company has shown into its financial statement claiming that it could be an inflated one.
The financial statement submitted by the company to the BSEC shows that the company has made a profit of more than Tk 2,000 crore in 2019 which was only Tk 800 crore in 2018.
Walton hi-tech industries ltd only got registration from The Registrar of Joint Stock Companies And Firms (RJSC) in 2018 also raises eyebrow to investors that such a large company should why registrar lately.
“Such super rate of profit earning could only be made if any miracle happened in a company,” Ashikur Rahman, a investors said.
Moreover, experts feared that the company directors will increase the price of their shares by creating artificial demand by releasing very small amounts of share to the capital market.
Rakibur Rahman, former president and director of Dhaka Stock Exchnage, told Business Mirror that the company strategy has created an artificial crisis in the market by releasing a few numbers of shares and increasing the market capitalization by raising unreasonable prices. This artificial crisis will cause the stock price to rise unreasonably, creating instability in the market and hurting investors, he added.
The share was traded at Tk 655.20 in DSE on Monday September 28, 2020 which was launched at Tk 378 at the opening day.
When asked none were responded from Walton hi-tech industries ltd management.
Walton Hi-Tech Industries Limited (WHIL) was incorporated as a private Limited company on April 17, 2006, under the Companies Act of 1994, vide registration certificate no. C-61272 (3281)/06 and started its business operation from 2008. Subsequently, the company was registered as a “Public Limited Company” with RJSC on May 14, 2018.
Walton Hi-Tech Industries Limited is the first complete manufacturer and innovative Bangladeshi company in Electrical & Electronics Industry. Since 1977 the sponsors of Walton have started their business as a trader, and then from early 2008, WHIL started manufacturing of Refrigerator, Freezer, Air Conditioner and Compressor and now onward expanding its operation in Television, Home & Electrical Appliances. Walton has become the most trusted and prestigious Brand in the consumer E&E industry in Bangladesh through its strong manufacturing base, quality products, competitive price, extensive market coverage and last but not the least, the prompt after-sales services. As a result, within a very short period of time, Walton has captured substantial market share and positioned itself as the most dominant performer in the electronics sector of Bangladesh. The product portfolio of Walton Hi-Tech Industries Limited includes Refrigerator (Frost & Non-Frost), Freezer, Air Conditioner, Compressor, Television, Electrical Appliances Items (Fan, Switch Scokets & LED Bulb etc.), and Home Appliances Items (Blender, Rice Cooker, Gas Stove, Washing Machine, Electric Dry Iron, Microwave Oven, Pressure Cooker, Induction Cooker and many more) which are marketed mainly under the Brand names of WALTON and MARCEL
The factory is located at Chandra, Kaliakoir, Gazipur, Bangladesh. This factory is treated as one of the sophisticated manufacturing plants in Bangladesh as well as in South Asia.
Walton innovates to build a more advanced, sustainable and environment-friendly society through the combination of sophisticated technologies and expertise. The manufacturing plant of WHIL is on 4,930,173 sft. area of working space consisting of 19 Buildings and Shades.
Rezvi & Brothers, in short, the RB Group, was founded in 1986 to deliver affordable electronics products to the people of the country. Rezvi is his eldest son. He is the father of five sons and two daughters. Nazrul Islam met with his sons and decided on the brand name Walton. Another name in the family meeting is Marcel. The Arabic group name was changed to Walton Group. Walton bought land at Chandra in Gazipur in 2008 to build its own factory.
Founder SM Nazrul Islam. Nazrul Islam, a great man, died on the night of December 17, 2017.