In today’s briefing:
- Li Ka-Ching! Cheung Kong (1 HK) Offloads Panama Ports To Blackrock
- Event Driven: India Glycol, A Demerger Catalyst, Capacity Expansion
Li Ka-Ching! Cheung Kong (1 HK) Offloads Panama Ports To Blackrock
- As part of a US$22.8bn transaction, BlackRock, Global Infrastructure Partners and Terminal Investment, have agreed to buy two contentious Panama ports from Li Ka-shing’s CK Hutchison (1 HK) (CKH).
- The transaction also includes an 80% stake in CKH’s ports subsidiaries, which operate 43 ports comprising 199 berths in 23 countries.
- CKH expects cash proceeds in excess of US$19bn. CKH’s current market cap was – at the time of deal – also ~US$19bn.
Event Driven: India Glycol, A Demerger Catalyst, Capacity Expansion
- The demerger of three verticals will separate biopharma and profitable spirits from bio-based specialties and performance chemicals will be the catalyst for the company.
- The expansion in potable spirits, set for completion by March 2025, is expected to drive growth in this segment, alongside anticipated recovery in the core chemical business.
- The Potable spirits segment accounted for 45% of revenue but contributed 58% of EBITDA margins, benefiting from backward integration that drives higher margins.
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