Walton Hi-Tech holds 18th AGM

The 18th Annual General Meeting (AGM) of Walton Hi-Tech Industries PLC (WHILPLC), country's leading electrical and electronics manufacturing company listed in capital market, was held on Tuesday (29 October, 2024) at Kurmitola Golf Club in Dhaka.

WHILPLC Chairman S M Shamsul Alam presided over the meeting while Vice-Chairman S M Ashraful Alam, Managing Director S M Mahbubul Alam, Directors S M Nurul Alam Rezvi, S M Rezaul Alam, S M Monjurul Alam Ovee and Tahmina Afrose Tanna, Independent Directors Samsul Alam Mallick, FCA, and Professor Dr. M. Sadiqul Islam, PhD, FCA were on the stage. 

Among others, Walton Hi-Tech’s Additional Managing Directors Nazrul Islam Sarker, Eva Rezwana and Md. Ziaul Alam, FCA, ACA (ICAEW), Deputy Managing Directors Brig. General (Retd.) Sajjad Hossain, Ndc, Psc, and Md. Abu Nafiz, FCA, as well as a large number of shareholders, guests, well-wishers and some other high officials of the company were also present. Moreover, a good number of shareholders also attended the meeting through virtual platform. 

The meeting was conducted by Company Secretary Md. Rafiqul Islam, FCS.  

In his welcome speech, S M Shamsul Alam said that Walton has achieved a remarkable success in its business in the financial year 2023-24 amidst the adverse global economic conditions. 

He added that substantial profit growth was recorded during the mentioned financial year accounting year and thus it has been possible to declare attractive cash dividends for the general shareholders.

He thanked the company's shareholders, stakeholders, well-wishers and guests for their presence and cooperation in making the meeting successful. 

Walton Hi-Tech Industries Managing Director S M Mahbubul Alam presented the annual report for the financial year 2023-24 before the meeting and highlighted the company's improvement in financial indicators, business progress as well as the future plan. 

He said, the financial year 2023-24 could be treated as milestone for Walton. In that financial year, Walton has made a profit of about Tk 1,357 crore as against of around Tk 783 crore in the previous year. 

Following the substantial profit growth, he added that the company was able to declare 350% cash dividend for the general shareholders.

He expressed his optimism that the company's profits in future would be increased further and thus they would be able to pay attractive dividends.

In the AGM, financial statement for the year 2023-2024, Audit Report, Directors' Report, 350% Cash Dividend for General Shareholders and 200% Cash Dividend for Sponsors and Directors were unanimously approved.

Moreover, the shareholders also approved retire/re-election of Directors of the company and appointment of the Managing Director of the company for 3 years. 

The meeting also approved the appointment of A Qasem & Co. Chartered Accountants as Statutory Auditors of the company and Mohammad Sanaullah & Associates, Chartered Secretary & Consultant as Corporate Governance Compliance Auditors for the financial year 2024-2025 and their remuneration was also fixed.

Press release