Bangladesh Securities and Exchange Commission has approved bidding for discovering the cut-off price of Walton Hi-Tech Industries, reports the Daily Star.
Walton seeks to raise Tk 100 crore to expand the business and repay bank loans.
Walton started its journey in 1997. It used to import black-and-white television and distribute it in the local market. Walton, like all major local conglomerates in Bangladesh, is largely a family business run by four brothers.
Walton Hi-tech Industries was set up in 2006 but it did not start manufacturing right away. Instead, it started assembling products, TV sets, motorcycles, etc. The company used to import parts from China and do light assembling in Bangladesh. It did not have any manufacturing operation in Bangladesh until 2010. It started with manufacturing motorcycles and refrigerators and then air conditioners.
Walton controls 80 percent of the local refrigerator market in terms of unit sales. It controls 30 percent share in the local television market. In 2014, Walton Group’s annual turnover came to about Tk 3,500 crore.
According to Walton, the company’s annual production capacity is 1.4 million refrigerators and freezers, 300,000 motorcycles, 300,000 air conditioners, and 1 million television sets. Walton employs about 14,000 people.