Global Travel Media » Blog Archive » SIA Welcomes FIRB Approval To Increase Stake In Virgin Australia

Home » Corporate » Currently Reading:

SIA Welcomes FIRB Approval To Increase Stake In Virgin Australia

June 24, 2013 Corporate No Comments Email Email

Singapore Airlines today welcomed confirmation from Australia’s Foreign Investment Review Board (FIRB) that it will not object to SIA’s proposed increase of its stake in Virgin Australia to 19.9%.

FIRB approval will enable Singapore Airlines to complete the purchase of an additional 255.5 million shares in Virgin Australia at 48 Australian cents per share, for a total consideration of A$122.6 million. The transaction is expected to be completed by the end of next week.

Singapore Airlines acquired an initial 10% of Virgin Australia in late 2012 through an injection of funds in Virgin Australia Holdings. The additional shares, representing a 9.9% stake, will be acquired from the Virgin Group.

Singapore Airlines and Virgin Australia entered into a long-term partnership in 2011, encompassing codesharing, reciprocal frequent-flyer programme benefits and lounge access, co-ordinated schedules to provide seamless connections, and joint sales, marketing and distribution activities.

Comment on this Article:







Time limit is exhausted. Please reload CAPTCHA.

Platinium Partnership

ADVERTISEMENTS

Elite Partnership Sponsors

ADVERTISEMENTS

Premier Partnership Sponsors

ADVERTISEMENTS

Official Media Event Partner

ADVERTISEMENTS

Global Travel media endorses the following travel publication

ADVERTISEMENTS

GLOBAL TRAVEL MEDIA VIDEOS

ADVERTISEMENTS

11 12