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FINANCIAL NEWS
Etihad increases stake in Virgin Australia
24 Nov 2014
(MENAFN) Etihad Airways announced it has increased its stake in Virgin Australia to 22.9 percent from its previously owning holding a 21.24 percent in the carrier after purchasing 1.7 percent of shares, Gulf News reported.
As part of the new deal, Etihad’s President and Chief Executive is now also appointed a non-executive director to the Virgin Australia board.
Etihad was offered a board seat in Virgin Australia after the carrier backed it with USD300 million capital investment last year, along with its other major airline investors, which include Singapore Airlines and Air New Zealand, with the three airlines currently controlling around 70 percent of the Australian airline.
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