General Electric Company has taken a 34.1% stake in AsiaSat. It follows last week’s exchange transaction and transfer of shares between GE and SES.
GE received both cash and SES’s 34.1% economic interest in AsiaSat. CITIC Group, AsiaSat’s founding shareholder, continues to hold 34.8% in AsiaSat. The two companies have equal voting rights in the Hong Kong based satellite operator and through Bowenvale Limited control 68.9% of the share capital.
AsiaSat is pushing ahead with its privatisation plans that were announced in February.
Following the resignation of the SES board members, a number of new appointments have been made, including Ronald Herman as the deputy chairman of AsiaSat. John Connelly, Mark Chen and Nancy Wu have been appointed as non-executive directors.