Country’s electronics giant Walton Hi-Tech Industries Limited has achieved the long-term AAA credit ratings for the last financial year 2020, says a press release.
The capital market listed only Bangladeshi multinational electronics secured the highest credit rating for the fifth consecutive time.
The ‘AAA’ is the highest credit rating of an organisation which indicates the maximum ability of the financial institution to fulfill its financial commitments and the risk of business and financial transactions is minimal.
According to Dhaka Stock Exchange, this year Walton Hi-Tech Industries Limited achieved the long-term AAA and the short-term ST-1 credit ratings from Emerging Credit Rating Limited (ECRL).
ECRL has given this rating to the company after reviewing the financial statements of Walton Hi-Tech Industries Limited and other financial information from financial year 2019-20 until September 30, 2020 of the current financial year.
Dwelling on such great success, Walton Hi-Tech Industries’ Managing Director Golam Murshed said, “Securing the highest credit rating ‘Triple-A’ for the fifth consecutive years is really a great achievement for us. This has been made possible mainly due to Walton’s experienced board of directors, modern and scientific management methods, world-standard corporate culture, quality product and service management, strong competitive position, highest quality capital management, ability to meet financial commitments and strong liquidity position. Walton is a trusted name to all parties including investors, business partners, retailers and customers. This achievement is the evidence of that trust.”
Earlier, the company received the AAA rating in the financial years of 2018-19, 2017-18, 2016-17 and 2015-16.
Following the Dutch method for the first time in the country’s capital market, the cut-off price per share of Walton was set at Tk 315 with the proposed rates of the eligible investors during the bidding of price discovery of Walton’s share from to March 05 this year.
Through the IPO lottery, Walton allotted 1.55 million shares to the general investors at Tk 252 each, a 20 per cent discount on cut-off price, as the company gave 10 per cent additional discount considering the interest of the capital market and small investors.
And Walton shares’ trading debut in the countries two stock exchanges--Dhaka and Chittagong-- on September 23 this year.
For the consecutive trading days following the debut, prices of Walton’s each share were increased up to the highest limit of circuit breaker. In the capital market history, no other companies share prices were increased up to the circuit breaker for such number of consecutive days from the day of trading debut, the release adds.