Luggage Maker Seeks to Raise $1.5 Billion from HK Share Sale

Posted June 2nd, 2011 at 10:45 am (UTC-5)
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Samsonite — the world’s largest luggage maker — says it plans to raise up to $1.5 billion from a share sale in Hong Kong, in a move that joins the company with other global retailers seeking to attract investor interest in China.

The company said Thursday it will sell about 671 million shares — about 48 percent of the company — at prices ranging from $1.70 to $2.25 a share. The stock is scheduled to begin Hong Kong trading on June 16.

Samsonite, which also makes casual bags and other travel products, said its global sales climbed to $1.21 billion in 2010.

In 2009, the global financial crisis, which pounded the global travel market, held Samsonite sales to about $1 billion.

It joins several other international companies, such as the fashion house Prada, and the commodity trading company Glencore, in listing in Hong Kong to reach more Asian investors.