Panama Ports Company said that on Friday it would communicate with the Panama Government at the appropriate time regarding the sale of two important ports it operates near to the Panama Canal.

In a press release, it stated: "We affirm that engagement with the Government of Panama will be vital in order to discuss the future of PPC."

Hong Kong's CK Hutchison owns 90% of PPC. The company had a 25 year concession to operate Balboa Port and Cristobal Port at the two ends of the canal. This was renewed in 2021.

PPC made its statement after the Panamanian Comptroller General filed two lawsuits with the Supreme Court of the country this week to annul the contract on grounds that the renewal had not followed required legal steps.

(source: Reuters)