Asia Satellite Telecommunications Holdings, which on Tuesday failed to get approval from the United States Department of State to privatise, said its shareholders might seek another privatisation in the future although getting US approval would still be necessary.
'The US State Department never gave us guidelines or came back and said: 'You can do it in this way or that way',' AsiaSat deputy chief executive William Wade said yesterday. 'All we know is they obviously did not like the fact that we will be a private company with Citic Group and GE Capital [Equity Investments] owning 50 per cent each.
'Certainly, we are disappointed but there is not a lot we can do.'
AsiaSat, of which State Council-controlled Citic owns 34.8 per cent and US-based GE Capital 34.1 per cent, in February said Modernday, since renamed AsiaCo, had agreed to pay HK$2.3 billion, or HK$18.30 per share, to privatise the satellite operator.
AsiaCo, a joint venture equally owned by Citic and GE Capital, bought its AsiaSat stake in a deal that was finalised last month.
On Tuesday, AsiaSat said the privatisation could not be implemented as it did not get approval from the US.
