AUSTRALIA’S Foreign Investment Review Board has announced that it would not object to Singapore Airlines’ (SIA) intention to increase its stake in Virgin Australia by 9.9 per cent.
The board’s approval now allows SIA to complete the purchase of the 9.9 per cent stake for A$122.6 million (US$113.2 million).
The transaction, which is expected to finish by the end of the coming week, will double SIA’s initial 10 per cent stake in Virgin Australia to 19.9 per cent.
Earlier this year, the Australian Competition and Consumer Commission also approved Virgin Australia’s plan to acquire 60 per cent of Tiger Airways Australia (TTG Asia e-Daily, April 24, 2013).
