The transaction involving the sale of the Panama port by Hong Kong's richest man Li Ka-shing's CK Hutchison Holdings has recently drawn public attention. On the evening of the 12th, the group proactively issued a statement emphasizing that it is absolutely impossible for the transaction to proceed under any illegal or non-compliant circumstances.
The group stated that when the preliminary agreement for the sale of the port was reached in early March, the terms already stipulated that the transaction was subject to the fulfillment of a series of conditions, “including the consent and approval of legal and regulatory authorities, the absence of illegal or legally prohibited situations, obtaining the necessary approval from company shareholders, and other appropriate and customary conditions as set out in the final documents.”
CK Hutchison expressed that they originally planned to outline the port transaction at the annual general meeting on May 22, but in light of recent continuous inquiries from shareholders and the media, they have made this statement.
Earlier, CK Hutchison announced it would sell 43 ports worldwide to the “BlackRock-TiL consortium,” expected to bring the group nearly 150 billion HKD in proceeds. However, the transaction has sparked a series of controversies, and the originally scheduled agreement to sell the Panama port on April 2 has been postponed and remains unfulfilled.
Recent foreign reports indicated that CK Hutchison plans to split the sales plan into two major parts, including the Panama port segment and the remaining 41 ports globally. Under the new strategy, the vast majority of the terminals CK Hutchison is selling will not be controlled by U.S. capital. Among the two major parts, the Aponte family’s TiL from Italy will be the sole shareholder of the 41 ports; while the equity of the two Panama ports will be controlled 51% by BlackRock, with the remaining 49% held by TiL.
The pro-Beijing Hong Kong newspaper Ta Kung Pao published an article on May 1, accusing CK Hutchison of ignoring Beijing's stern warnings and cautioning that if it persists on this path, Beijing might use national security laws when necessary.