SIA receives go-ahead to increase Virgin Australia stake

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Singapore Airlines has received formal approval from Australia's Foreign Investment Review Board to increase its holding in Virgin Australia to 19.9%.

SIA says that the approval will allow it to close the purchase of an additional 255.5 million shares in Virgin for a total sum of A$123 million ($114 million), which is expected to be completed by the end of the month.

SIA is purchasing the additional shares from Sir Richard Branson's Virgin Group, and this adds to the original 10% holding that it acquired in late 2012.