The U.S. Department of State rejected a proposal by GE and Citic Group to privatize Asia Satellite Telecommunications Holdings Ltd. (AsiaSat), AsiaSat announced April 24. Due to the rejection, the plan, unveiled in February, has been cancelled, AsiaSat said.

“The consequences of proceeding with the scheme without obtaining authorization from the U.S. Department of State would be materially adverse to AsiaSat, as it would result in AsiaSat being deemed to be in breach of important U.S. Department of State approvals previously granted to AsiaSat in relation to its business,” the company said.

Trading of AsiaSat shared on the Hong Kong Stock Exchange and the New York Stock Exchange was suspended for a day due to the decision to cancel the deal.