Virgin Australia completes SIA stake sale

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Virgin Australia has completed the sale of a 10% stake to Singapore Airlines, while Air New Zealand has purchased additional shares to maintain its 19.99% stake in the Australian carrier.

SIA bought 246 million newly-issued shares in Virgin Australia as part of a transaction that was announced on 30 October.

The two airlines said then that SIA would pay Australian dollars (A$) 105 million ($109 million) for the 10% stake, which helps to cement a partnership that they signed in 2011.

Air New Zealand bought another 49 million shares in Virgin Australia, which amounts to a 2% stake in the airline. This was done simultaneously with the issue of new shares to SIA in order to maintain ANZ's holding at 19.99%.