By cutting their Husky stake, Li Ka-Shing (pic) and his older son Victor – the chairman of CK Hutchison – are seeking to reduce the drag on the earnings at their group, which has been buffeted by the coronavirus pandemic.
HONG KONG: Li Ka-shing, Hong Kong’s richest man, is unwinding a bet he placed on oil more than three decades ago by paring his group’s stake in Husky Energy Inc, a Canadian asset dealing with mounting losses.
The tycoon’s CK Hutchison Holdings Ltd and a Li family trust, which together own almost 70% of Husky, agreed over the weekend to sell a part of their stakes to Cenovus Energy Inc in an all-stock deal.
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