CK Hutchison vows full cooperation in ports business review

CK Hutchison (0001) reiterated its commitment to fully cooperate with the ongoing review of its port-related businesses and pledged not to engage in any illegal or non-compliant activities.

Any proposed sale of the group’s port assets would require multiple regulatory approvals, and no action will be taken before such approvals are granted, co-managing director Dominic Lai Kai-ming said at the company’s annual general meeting.

“We are facing a stress test amid uncertainty and geopolitical tensions, and only those with strong financials can weather the turbulence,” chairman Victor Li Tzar-kuoi said on Thursday.

Li said the most important thing is to ensure the group’s financial health and maintain a “war chest” to cope with unforeseen challenges. The group will hold more cash and limit debt levels, he said.

Li said any share buybacks would depend on market conditions, while decisions on dividend increases would take into account the company’s performance, external factors and the global economic environment.

When asked about a possible spin-off of its telecom business in Europe, co-managing director Frank John Sixt said the company has not made any decision at all to go ahead with any transaction relating to its global telecommunications businesses.

STAFF REPORTER