Singapore Airlines invested another 9.9pc into Virgin Australia, tallying up to a shareholder percentage of 19.9pc, which is making the carrier its joint largest shareholder.
The airline has agreed to take another 9.9 per cent of Virgin Australia
in a deal that will see it purchase 225 million shares at 48 cents from
Richard Branson’s Virgin Group. The deal, which is still subject to
Foreign Investment Review Board approval, is valued at $122.6m
“Our partnership with Virgin Australia has been going from strength
to strength, offering a wide range of consumer benefits,” said Singapore
Airlines chief executive Goh Choon Phong.
“Increasing our stake
in Virgin Australia 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."
Singapore Airlines and Virgin Australia have had a marketing alliance since 2011 and has built up a reputable brand. Both airlines have stated that they have a good relationship with each other and Singapore is trying to keep its presence within Australia as they still are the major shareholder of Tiger Airways.
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