Hong Kong tycoon Li Ka-shing’s CK Hutchison holdings will not go ahead with the expected signing of a US$23 billion 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 Hutchison told the Post.
April 2 is the date when Hutchison and the consortium led by United States investment firm BlackRock are due to sign a definitive agreement over the deal, according to an announcement on March 4.
It was 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.
The sale, which was first announced on March 4, further inflamed Sino-US tensions. Beijing has since piled pressure on Hutchison to take national interests and security into account before proceeding with the sale.
