Hong Kong billionaire agrees to sell Panama Canal ports to US firm
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CK Hutchison Holdings, a Hong Kong-based company founded by billionaire Li Ka-shing, has agreed to sell its majority stake in two key Panama Canal ports to a US-led investment group.
The deal, valued at $22.8 billion, includes 43 ports in 23 countries, with the Panama Canal terminals among the most prominent assets.
The sale comes after months of concerns raised by US President Donald Trump, who has criticised Chinese control over the canal and argued that the US should regain control of the strategic waterway.
Although CK Hutchison is not owned by the Chinese government, its base in Hong Kong means the company operates under Chinese financial laws.
The company has managed the Panama Canal ports since 1997.
The deal, which requires approval from the Panamanian government, also includes Terminal Investment Limited, a Swiss company.
The Panama Canal, a 51-mile (82 km) waterway linking the Atlantic and Pacific Oceans, handles over 14,000 ships annually, including military vessels, container ships, and those carrying natural gas.
Despite US concerns, Panama has rejected the idea that the canal is under Chinese control.
Panama's government insists that the canal will remain in its hands, with President Jose Raul Mulino reiterating that the waterway "is and will remain" fully under Panama's control.
Frank Sixt, co-managing director of CK Hutchison, stressed that the sale is a purely commercial transaction and not influenced by the political issues surrounding the canal.
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