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Li Ka-shing plans to sell Panama and other ports for $22.8 billion: covering 23 countries

Fast Technology reported on March 5 that Li Ka-shing’s Cheung Kong Hutchison Industrial Co., Ltd. (00001.HK) announced on the Hong Kong Stock Exchange that it had reached an agreement in principle with a consortium led by BlackRock to sell the core assets of its global port business, which involved 90% of the shares of Panama Port Company.

According to the announcement, CK Wo intends to sell all of its shares in Hutchison Port Holdings (HPHS) and Hutchison Port Group Holdings (HPGHL) to the consortium, which together control 80% of the global equity interest in Hutchison Port Group. The assets cover 43 ports in 23 countries in Asia, Europe and America, covering 199 berths and supporting core resources such as intelligent terminal management system and global logistics network.

The announcement stressed that the sale of assets does not include any equity interest in Hutchison Port Group Trust, which operates ports in Hong Kong and Chinese mainland, including strategic assets such as Yantian International and Hong Kong International Terminals. The transaction involving the Panamanian Port Company is pending confirmation by the Government of Panama of the terms of the proposed acquisition and sale.

Located at both ends of the Panama Canal, the ports of Balboa and Cristobal operated by CK & Cord have been controlled by CK He’s subsidiaries since 1997 and renewed in 2021 until 2047.

The Panama Canal is an important hub for global shipping, responsible for 6% of the world’s maritime trade, and is the “choke point” connecting the Pacific and Atlantic Oceans. According to the Panama Canal Authority’s report, a total of 9,944 deep-draft vessels passed through the canal in fiscal year 2024, with a total revenue of $4.986 billion and a net income of $3.453 billion.

The distribution of proceeds, basic terms and key terms of the transaction have been agreed in principle and are pending confirmation in the final documents. The relevant documents will be signed on or before 2 April 2025.

The sale marks a major adjustment of CKW’s global port business layout, and also reflects the dynamic momentum of global infrastructure investment.

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未经允许不得转载:Entering China » Li Ka-shing plans to sell Panama and other ports for $22.8 billion: covering 23 countries

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