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Samsonite to pursue dual listing in US, implement US$200-million share buy-back
- Samsonite, which has been listed in Hong Kong since 2011, expects the dual listing to boost liquidity and reach more investors in the US
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Luggage maker Samsonite International has decided to pursue a second stock listing in the United States, its single-biggest market by sales, to reach more investors and boost liquidity of the firm’s shares.
Samsonite, which has been listed in Hong Kong since 2011, revealed that initiative in its interim results on Wednesday, ending months of speculation after initially mentioning the dual-listing plan in March.
“The company believes this dual listing will build on its strong investor support on the Hong Kong stock exchange and help the company continue to deliver on its value-creation goals,” the company said in its filing. “The listing is also expected to increase liquidity of the company’s shares and create an opportunity to reach investors in the US that is an important part of the company’s global footprint and growth driver for its business.”
The company also announced a share buy-back programme of up to US$200 million.
The company’s plan reflects how Hong Kong’s market valuation has cheapened through the past three years.
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