CKH Holdings surged nearly 4% during the session to a more than one-week high, as investors welcomed the progress in the sale of port transactions
CKH HOLDINGS rose nearly 4% during Wednesday's trading session, reaching HKD 46.8, a new high since March 18. Investors are optimistic about its advancement in the Panama port deal, which is expected to bring over USD 19 billion in cash revenue to the company. CKH HOLDINGS has reached an agreement with the BlackRock-TiL consortium to sell Hutchison Ports and two Panama ports, with an enterprise value of USD 22.8 billion. Despite Chinese regulators beginning to investigate this transaction, CKH HOLDINGS still plans to proceed
Hong Kong tycoon Li Ka-shing's conglomerate – CK Hutchison Holdings (0001.HK) surged 3.9% to HKD 46.8 during Wednesday's trading, the highest since March 18.
Bloomberg News reported that CK Hutchison will reportedly continue to push forward with the Panama port deal despite opposition from China.
An analyst stated that the favorable conditions, such as the sale of the port deal potentially bringing over USD 19 billion in cash revenue to the company, have investors pleased with the continuation of the transaction.
Earlier this month, CK Hutchison reached a preliminary agreement with the BlackRock-TiL consortium to sell its Hutchison Ports assets and two Panama ports, with a total enterprise value of USD 22.8 billion, and relevant documents are expected to be signed on or before April 2.
Reuters recently quoted an insider stating that Chinese regulators have begun investigating CK Hutchison's port deal based on directives from the central leadership. This indicates Beijing's dissatisfaction with CK Hutchison's actions to sell its Panama port business under pressure from the United States.
The Hong Kong Hang Seng Index (.HSI) rose 0.3% during trading. (End)
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(Reporter Lei Meizhen)
