SES COMPLETES ACQUISITION OF A 34.13% ASIASAT STAKE

On 15 January 1999, Société Européenne des Satellites ("SES") has completed the US$ 331 million purchase of a 34.13% interest in Asia Satellite Telecommunications Holdings Ltd. ("AsiaSat') from Cable and Wireless plc and Hutchison Whampoa Limited. The transaction was announced on 10 December 1998.

The transaction was effected through the acquisition by SES of 49.5% of the issued share capital and 50% of the voting rights of Bowenvale Limited, a company that controls 68.95% of the issued share capital of AsiaSat.

The acquisition was financed through a combination of SES' own funds, subordinated and new senior debt.

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