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.