CK Hutchison to not sell strategic ports at Panama Canal next week, SCMP reports

Hong Kong conglomerate CK Hutchison, led by tycoon Li Ka-shing, will not sign a deal next week to sell its two strategic ports at the Panama Canal to a BlackRock-led group, the South China Morning Post reported on Friday.

The deal was expected to be signed on April 2, according to the sale announcement made on March 4.

It is understood the situation does not mean the deal has been called off, the report added, citing a source close to CK Hutchison.

The company did not immediately respond to a Reuters request for comment.

CK Hutchison earlier this month agreed to sell the majority of its global ports business, including assets located near the strategically significant Panama Canal, in a deal expected to bring in over $19 billion in cash.