21 Jun 2013
Singapore Airlines has received confirmed from Australia’s Foreign Investment Review Board (FIRB) that it will not object to the carrier’s proposed stake increase in Virgin Australia.
Approval will enable the airline to go ahead and increase its stake in the Australian carrier by ten percent from 9.9 percent to 19.9 percent.
The purchased will be an addition 255.5 million Virgin Australia shares, at 48 Australian cents per share.
The transaction is expected to be completed by late next week.
Earlier this month, Air New Zealand announced it too would purchase a further three percent in Virgin Australia, increasing its stake in the carrier up from 19.99 percent to 22.99 percent.
Sourced: etravelblackboardasia