Asia Satellite Telecom : DELAY IN DESPATCH OF THE SCHEME DOCUMENT

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This announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for securities of the Company or any other entity. This announcement is not for release, publication or distribution in or into any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction.

Bowenvale Limited	Asia Satellite Telecommunications
(Incorporated in the British	Holdings Limited
Virgin Islands with limited liability)	(Incorporated in Bermuda with limited liability)
	(Stock Code: 1135)

JOINT ANNOUNCEMENT

PROPOSED PRIVATIZATION OF ASIA SATELLITE

TELECOMMUNICATIONS HOLDINGS LIMITED BY WAY OF A SCHEME OF ARRANGEMENT UNDER SECTION 99 OF THE COMPANIES ACT OF BERMUDA

DELAY IN DESPATCH OF THE SCHEME DOCUMENT

Financial adviser to the Offeror

Independent Financial Adviser to the Independent Board Committee

INTRODUCTION

Reference is made to the joint announcement dated 27 June 2019 (the "Joint Announcement") issued jointly by Asia Satellite Telecommunications Holdings Limited (the "Company") and Bowenvale Limited (the "Offeror") in relation to, among other things, the proposed privatization of the Company by way of a scheme of arrangement (the "Proposal"). Unless otherwise defined, terms used herein shall have the same meaning as those used in the Joint Announcement.

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EXTENSION OF TIME FOR DESPATCH OF SCHEME DOCUMENT

Under Rule 8.2 of the Takeovers Code, the Scheme Document is required to be despatched by the Offeror and the Company to the Shareholders, within 21 days of the date of the Joint Announcement, being on or before 18 July 2019.

As stated in the Joint Announcement, the Proposal and the Scheme will only become effective if, among other conditions, the Scheme is sanctioned by the Court. A court hearing is required for the Grand Court to issue its directions for convening the Court Meeting. As the timetable of the Court remains subject to confirmation and more time is required to prepare and finalize certain information to be contained in the Scheme Document, including but not limited to the letter from the Independent Financial Adviser, the Offeror and the Company have made an application to the Executive for consent and the Executive has indicated that it is minded to grant an extension to the time limit for despatching the Scheme Document from 18 July 2019 to 29 July 2019.

A detailed timetable for the Proposal will be set out in the Scheme Document and in the announcement to be jointly issued by the Offeror and the Company upon the despatch of the Scheme Document.

WARNING: Shareholders and/or potential investors should be aware that the Proposal (including the Scheme) will only become effective upon all the Conditions being satisfied or validly waived (as applicable) and thus the Scheme may or may not become effective. Shareholders and/or potential investors should therefore exercise caution when dealing in the Shares. Persons who are in doubt as to the action they should take should consult their licensed securities dealer, registered institution in securities, bank manager, solicitor or other professional advisers.

By order of the Board of	By order of the Board of
Bowenvale Limited	Asia Satellite
Gregory Michael ZELUCK	Telecommunications
Chairman	Holdings Limited
LIU Zhengjun	Sue YEUNG
Vice-Chairman	Company Secretary
Hong Kong, 18 July 2019

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As at the date of this announcement, the directors of the Offeror are Mr. LUO Ning, Mr. Gregory Michael ZELUCK, Mr. FAN Jui-Ying, Mr. LIU Zhengjun, Dr. DING Yucheng and Mr. Herman CHANG Hsiuguo.

As at the date of this announcement, the Board comprises 10 directors. The Executive Director is Dr. Roger Shun-hong TONG. The Non-executive Directors are Mr. Gregory M. ZELUCK (Chairman), Mr. LIU Zhengjun (Deputy Chairman), Mr. LUO Ning, Dr. DING Yucheng, Mr. Herman CHANG Hsiuguo and Mr. FAN Jui-Ying. The Independent Non-executive Directors are Mr. Marcel R. FENEZ, Mr. Steven R. LEONARD and Ms. Philana Wai Yin POON. The Alternate Director is Mr. CHONG Chi Yeung (alternate to Mr. LUO Ning).

The directors of the Offeror jointly and severally accept full responsibility for the accuracy of the information contained in this announcement (other than that relating to the Group) and confirm, having made all reasonable enquiries, that to the best of their knowledge, opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other facts not contained in this announcement, the omission of which would make any statement in this announcement misleading.

The Directors jointly and severally accept full responsibility for the accuracy of information contained in this announcement (in relation to the information relating to the Group only) and confirm, having made all reasonable inquiries, that to the best of their knowledge, opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other facts not contained in this announcement, the omission of which would make any statement in the announcement misleading.

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