Investors sell Samsonite shares

City A.M. Reporter
PRIVATE equity firm CVC Capital and Royal Bank of Scotland sold a combined 153.6m shares in luggage maker Samsonite International yesterday, raising HK$2.22bn (£175m), according to reports in IFR.

The deal originated from a reverse enquiry and was sold to a small number of global investors, the report said.

The vendors sold at HK$14.50 per share, a 3.3 per cent discount to the 14 September close. The share price closed down 0.5 per cent at HK$14.92.

Back in July the shares fell more than seven per cent in one day to the lowest level in six months on worries CVC and RBS were looking to trim their stakes.

On 10 April, RBS and CVC raised HK$1.68bn from the sale of 112.8m shares in Samsonite.

The sale was priced at HK$14.90 a share, with RBS and CVC subject to a 90-day lock-up period as is typical in block deals.

CVC held 23.33 per cent of Samsonite while RBS held 12.51 per cent after the April sale, according to the Hong Kong stock exchange.