SM Rezaul Alam, one of the sponsor directors of Walton Hi-Tech Industries PLC, is transferring shares worth a total of Tk 610 crore as per the current market value to his daughter and spouse "by way of gift".

In a disclosure posted on the Dhaka Stock Exchange (DSE) website yesterday, Walton said that Rezaul, who held a 12.87 percent share of the company as of June 2024, expressed his intention to transfer 60.60 lakh shares of the local electronics giant to his daughter Roshmi Ruhi.

He also expressed interest in transferring an equal number of shares to his spouse Fahima Husna.

Both are general shareholders of Walton, and the shares will be transferred by way of gift outside the trading system of the exchange within the next 30 working days with effect from January 20, 2025, according to the disclosure.

The gift, in monetary terms, is valued at Tk 610 crore in total at yesterday's closing price of Tk 503.8 per share of Walton at the DSE.

Shares of Walton declined 1.27 percent yesterday from Tk 510.30 the previous day.

This is the second time Rezaul is going to transfer shares to his daughter and spouse by way of gift.

He had also transferred 60.60 lakh shares of Walton each to his daughter and spouse, according to a disclosure by the company on December 3 last year.

Rezaul held the fourth-highest number of shares of Walton as of June 30, 2024. Its vice-chairman SM Ashraful Alam had the highest portion of shares at 21.59 percent followed by its chairman SM Shamsul Alam at 19.81 percent and managing director SM Mahbubul Alam at 17.79 percent stakes.

The electronics maker had 30.29 crore shares, and sponsors held 98.15 percent of shares as of June 30, 2024, according to Walton's annual report 2023-24.

Rezaul had 3.90 crore shares at the end of June 2023, which accounted for 12.87 percent of the total shares of Walton Hi-Tech.

He earlier sold portions of his stake, according to a disclosure of Walton on the DSE.

Walton posted a 73 percent surge in profits, which climbed to Tk 1,356.52 crore from Tk 782.67 crore the previous year.