May 28, 2018 / 1:33 AM / 3 months ago

Trading in Samsonite shares halted, pending statement

HONG KONG (Reuters) - Trading in shares of Samsonite International SA (1910.HK) was suspended on Monday pending a statement from the world’s largest luggage maker, just days after a short seller accused it of questionable accounting practices and poor governance.

FILE PHOTO: A Samsonite suitcase is displayed at a store in Hong Kong, China March 14, 2017. REUTERS/Bobby Yip/File Photo

Samsonite gave no further details in a statement to the Hong Kong stock exchange.

The luggage group lost a fifth of its market value in the previous two trading days after Blue Orca Capital on Thursday questioned accounting practices at Samsonite, including those used in its 2016 acquisition of the Tumi brand.

Samsonite, one of most high-profile Hong Kong-listed stocks to be targeted by a short-seller, has called the allegations “misleading” and “one-sided”.

Reporting by Donny Kwok; Editing by Stephen Coates

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