CK Hutchison shares rise 20% after Panama Canal stake sale to BlackRock
CK Hutchison's shares surged 20% following the sale of a majority stake in its ports unit to a BlackRock-led consortium. This transaction grants the consortium a 90% stake in Panama Ports Company, which has operated the Balboa and Cristobal ports for over 20 years. The share price increase significantly outperformed the 1.1% rise in Hong Kong's Hang Seng Index.
March 5 (Reuters) - Shares of Hong Kong conglomerate CK Hutchison (0001.HK) gained 20% on Wednesday after the sale of a majority stake in its ports unit, which includes key assets that run either side of the Panama Canal, to a BlackRock (BLK.N) led group.
The sale will give the consortium a 90% stake in Panama Ports Company, which has been the operator of the Balboa and Cristobal ports in the Central American country for more than two decades, CK Hutchison said on Tuesday.
CK Hutchison’s share price rise outpaced a 1.1% rise in Hong Kong’s broader Hang Seng Index (.HSI)
