The ‘AAA’ is the highest credit rating given to an organisation which indicates the maximum ability of the financial institution to fulfill its financial commitments and whose risk of business and financial transactions is minimal.
Walton Hi-Tech Industries Limited has achieved AAA credit ratings for the year 2020.
This makes Walton achieve this prestigious achievement for the last 5 years straight, said a press release issued by Walton on Monday.
The 'AAA' is the highest credit rating given to an organisation which indicates the maximum ability of the financial institution to fulfill its financial commitments and whose 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 which ended on September 30, 2020 of the current financial year.
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," said Golam Murshed.
Earlier, the company received the AAA rating in the financial years of 2018-19, 2017-18, 2016-17 and 2015-16, the release said.
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 5 March 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 shares 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 said.