Billionaire Li Ka-shing's group 'turns around' on selling Panama Canal port?

The South China Morning Post reported on March 28 that Hong Kong billionaire Li Ka-shing's CK Hutchison Group will not sign an agreement to sell two strategic ports at the Panama Canal next week.

The newspaper, citing a well-informed source, said there will be no official signing ceremony on April 2 for the sale of two seaports owned by Hong Kong-based CK Hutchison in Panama to an investment consortium led by US firm BlackRock.

Media reports in early March said CK Hutchison was expected to sign an agreement with BlackRock’s joint venture to sell the port as early as April 2. The source said the date was not a deadline, but the earliest the two sides could sign an agreement. CK Hutchison has not yet responded to the report.

Cargo ship docked at Balboa Port in the Panama Canal

Reuters reported on March 5 that CK Hutchison, the conglomerate of Hong Kong billionaire Li Ka-shing and his family, will sign a contract allowing the joint venture to buy back 90% of the shares in Panama Port Company, the operator of the two ports Balboa and Cristobal, located at the two gateways of the Panama Canal. This is part of the $23 billion sale of CK Hutchison's seaports, giving the BlackRock group control of a total of 43 ports in 23 countries.

According to the South China Morning Post , there is currently no sign that the deal has been cancelled, but due to the complex nature of these transactions, important procedures have not been completed.

On March 27, Bloomberg revealed that Chinese state-owned enterprises received orders to stop new cooperation with Mr. Li Ka-shing's business empire. Accordingly, Chinese government enterprises have been instructed to stop new cooperation with Mr. Li. Existing agreements are not affected.

Chinese officials have not commented on the incident. When asked about CK Hutchison selling the port in Panama at a press conference on March 27, Chinese Foreign Ministry spokesman Guo Jiakun said the media should contact the relevant authorities. The Global Times quoted Guo as emphasizing: “China firmly opposes actions that infringe upon and undermine the legitimate rights and interests of other countries through economic coercion, hegemony and bullying.”

The Panama Canal sale case attracted attention after US President Donald Trump, upon taking office, set a goal of helping the US gain control of the Panama Canal.

Source: https://thanhnien.vn/tap-doan-ti-phu-ly-gia-thanh-quay-xe-vu-ban-cang-kenh-dao-panama-18525032818212528.htm