(Sept 5): Samsonite International SA has selected banks to help arrange its dual listing in the US, according to people familiar with the situation, as it seeks to improve liquidity and become more accessible to global investors.

Samsonite is working with JPMorgan Chase & Co and Morgan Stanley on the listing, the people said, asking not to be identified because the information is private. Other banks are also looking to join the lineup, they said. 

Samsonite, which trades in Hong Kong, may consider making the US its primary listing venue as well, according to the people. 

Representatives of the luggage maker declined to comment. JPMorgan and Morgan Stanley also declined to comment. 

Samsonite’s board approved the dual listing in August, saying the US is appropriate based on the company’s “global footprint, growth drivers and strategic priorities”.  

The owner of Tumi and American Tourister luggage brands had explored the possibility of a take-private deal, though investment funds backed away as they considered it was priced too highly, Bloomberg News reported.

Samsonite’s net income in the first half of 2024 was US$164 million (RM710.74 million) on net sales of US$1.77 billion. The company’s shares have tumbled 26% this year, leaving it with a market value of about HK$27 billion (US$3.5 billion or RM15.01 billion). 

Uploaded by Tham Yek Lee