Singapore Airlines increases Virgin stake

 Singapore Airlines has announced it will acquire a further 9.9 percent in Virgin Australia, increasing its stake in the carrier to 19.9 percent.

Subject to regulatory approval, the purchase will include 255.5 million shares at 48 Australian cents per share for a total consideration of AU$122.6 million.

In November last year, Singapore Airlines completed its ten percent investment in the airline, purchasing 245,577,511 shares for AU$105 million.

Singapore Airlines chief executive Goh Choon Phong said the purchase is an example of the carrier's commitment to the Australian market and support for the ongoing transformation of Virgin Australia.

Currently, Air New Zealand holds 19 percent stake in Virgin Australia and Etihad holds eight percent.

Sourced: etravelblackboard