CK Hutchison said its ports deal at Panama Canal would strictly adhere to all required compliance standards and would never be executed illegally.
"This transaction would never be carried out under any illegal or non-compliant circumstances," the company said in a statement released late on Monday (May 12).
The conglomerate, controlled by tycoon Li Ka-shing, agreed in March to sell the majority of its US$22.8 billion (HK$177.8 billion) global ports business, including assets along the strategically significant Panama Canal, to a consortium led by BlackRock.
The deal has since drawn global attention. CK Hutchison stressed that the deal has acquired consents and approvals from legal and regulatory authorities as well as the company's shareholders.
CK Hutchison noted that it would provide further details about the ports deal at its annual shareholder meeting scheduled for May 22.
The group announced earlier that it would sell 43 ports around the world to the BlackRock-TiL consortium. However, the transaction triggered a series of controversies, and the agreement to sell the Panama ports, which was initially scheduled to be signed on April 2, has been postponed to date.
According to recent reports, the group plans to sell the ports in two parts, one for Panama ports and the other for the remaining 41 ports worldwide.
TiL will be the sole shareholder of the 41 ports, while having a 49 percent interest in the two Panama ports. BlackRock is said to own the remaining 51 percent of the interest in the two ports.
(Staff reporter and Reuters)
