The approval was
granted at an Extraordinary General Meeting (EGM) of Walton Hi-Tech held
virtually on Wednesday last. The virtual meeting was presided
over by Walton Hi-Tech’s Chairman S M Shamsul Alam.
Among others, Walton
Hi-Tech’s Vice-Chairman S M Ashraful Alam, Managing Director S M Mahbubul Alam,
Sponsored Directors S M Nurul Alam Rezvi and S M Rezaul Alam, Directors S M Monjurul
Alam Ovee, Tahmina Afrose, Raisa Sigma Hima and Sabiha Jarin Orona, Independent
Directors Dr M Sadiqul Islam, Phd, FCMA and Zohora Bibi, Additional Managing
Director and Chief Financial Officer Md. Ziaul Alam, FCA, ACA (ICAEW),
company’s other senior officials and large numbers of institutional and general
shareholders of the company also attended the EGM virtually.
Walton Hi-Tech’s Deputy
Managing Director and Company Secretary Md. Rafiqul Islam, FCS moderated the EGM.
The virtual meeting was
attended by Walton Hi-Tech Vice Chairman S M Ashraful Alam, Managing Director S
M Mahbubul Alam, Walton Digi-Tech Chairman S M Rezaul Alam and Managing
Director S M Monjurul Alam Ovee, along with Walton Hi-Tech Directors Tahmina
Afrose Tanna, Raisa Sigma Hima and Sabiha Jarin Orona.
Also present were
Walton Hi-Tech Additional Managing Director and Chief Financial Officer Md.
Ziaul Alam, FCA, ICAEW, senior company officials, and a large number of
institutional and general shareholders. The meeting was moderated by Walton
Hi-Tech Company Secretary and Deputy Managing Director Md. Rafiqul Islam, FCS.
Addressing
shareholders, Walton Hi-Tech’s Chairman S M Shamsul Alam highlighted the
strategic significance of the merger. He said Walton Hi-Tech is a
compliance-driven, fundamentally strong and investor-trusted listed company,
while Walton Digi-Tech also engaged in manufacturing and marketing wide ranges
of ICT devices and accessories, including laptops, desktop computers, printers,
mobile phones, PCBs or motherboards, electric bikes etc.
“The merger is expected
to generate operational synergies, cost efficiencies and revenue growth
opportunities, which can positively impact earnings and long-term returns for
all shareholders, he said.
Speaking at the EGM,
Walton Hi-Tech’s Managing Director S M Mahbubul Alam described the merger as a
vision for a stronger future. “This initiative will take Walton’s technology
and innovation-driven activities to a new level. It is not merely a combination
of two companies; rather it will transform our technology, human resources,
research and development capabilities, and market expansion strategies into a
unified force,” he said adding that the merger will significantly strengthen
Walton Hi-Tech’s product portfolio, expand its market reach, enhance
operational efficiency and reduce operating costs.
“Our goal is to
establish Walton as a globally recognised technology brand carrying the ‘Made
in Bangladesh’ label. We believe this merger will accelerate that journey,” the
company’s managing director noted.
In the EGM, Walton
Hi-Tech’s shareholders welcomed the proposed merger describing it as a timely,
prudent and forward-looking business strategy. They noted that the merger of
Walton Digi-Tech would further strengthen Walton Hi-Tech’s product line, create
new growth opportunities, ensure more efficient utilisation of resources and
reduce operational costs. Shareholders also congratulated the board of
directors of both Walton Hi-Tech and Walton Digi-Tech for undertaking this
merger initiative.
During the EGM, the
company’s board discussed the agreed share exchange ratio whereby 1 share of
Walton Hi-Tech will be issued in exchange for 38.45 shares of Walton Digi-Tech,
resulting in the issuance of 7,80,234 share of Walton Hi-Tech against 3 crore shares
of Walton Digi-Tech.
