SIA to increase shares in Virgin Australia

Singapore Airlines (SIA) is to take an additional 9.9 per cent stake in Virgin Australia, bringing its total share holding to 19.9 per cent.

SIA will purchase 255.5 million shares from Virgin Group at 48 Australian cents per share for a total of A$122.6m ($126m). SIA bought a 10 per cent stake in Virgin Australia in late 2012 and the two airlines entered into a long-term partnership in 2011, including codesharing, reciprocal frequent-flyer benefits and co-ordinated schedules. The latest purchase is subject to approval from Australia's Foreign Investment Review Board (FIRB).

TAGS: Asia Pacific
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