Hong Kong- General Electric Company (GE) has become a major shareholder in Asia Satellite Telecommunications Holdings Limited (AsiaSat), with approximately 34.1% of the issued share capital, following the completion of the Exchange Transaction between GE and SES on March 29.GE exchanged its entire shareholding of about 19% in SES for cash and assets, including its 34.1% economic interest in AsiaSat. CITIC Group, AsiaSat’s founding shareholder, remains the other major investor with a 34.8% stake. CITIC Group and GE have equal voting interest in AsiaSat, and indirectly jointly own, through Bowenvale Limited, 68.9% of the issued share capital of AsiaSat. AsiaSat also announced the appointment of Ronald J. Herman, Jr., John F. Connelly, Mark Chen and Nancy Ku as Non-executive Directors of the Company following the resignation of SES appointees to the Board.
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