‘Hong Kong’s CK Hutchison will not sign Panama ports deal next week’

Hong Kong tycoon Li Ka-shing’s CK Hutchison Holdings will not go ahead with the expected signing of a deal next week to sell its two strategic ports at the Panama Canal, the Post has learned.

It is understood that April 2 was not a “real deadline” but only a date by which the agreement could be signed at the earliest.

“There will not be an official signing of the two Panama ports deal next week,” a source close to CK Hutchison told the Post.

April 2 is the date when CK Hutchison and a consortium led by United States investment firm BlackRock are due to sign a definitive agreement over the deal for the two ports, according to an announcement of the sale on March 4.

CK Hutchison’s two ports at each end of the Panama Canal, along with others outside Hong Kong and mainland China, were part of a US$23 billion deal. CK Hutchison will pocket US$19 billion in cash from the transaction.

It is understood the situation did not mean the deal had been called off, as significant details remained to be decided due to the complexity of the transaction.