Singapore Airlines to raise its stake to 19.9%
Singapore Airlines announced today that it has agreed to buy a further 9.9% of Virgin Australia, increasing its stake to 19.9%. The move sees SIA buying another A$122.6 million (€96.6 million) worth of shares held by the Virgin Group. Singapore Airlines bought 10% of Virgin Australia at the end of last year and the two airlines first entered into a long-term partnership in 2011, including codesharing, reciprocal frequent-flyer benefits, coordinated schedules, joint sales and marketing and other measures.
Singapore Airlines CEO Goh Choon Phong: “Our partnership with Virgin Australia has been going from strength to strength, offering a wide range of consumer benefits. Increasing our stake […] is another example of Singapore Airlines’ deep commitment to the important Australian market. It also demonstrates our support for the ongoing transformation of Virgin Australia, which has created a more competitive aviation market in Australia.”