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CEO of Singapore Airlines, Goh Choon Phong, said that Singapore Airlines will buy 255.5 million shares of Virgin Australia with a selling price of 48 Australian cents per share and total purchase amounted to 122.6 million Australian dollars. The stock purchase is pending approval from the Foreign Investment Review Board Australian (FIRB). "The increase in our shareholding in Virgin Australia is the commitment of Singapore Airlines because the Australian market is increasingly important," he said in a press release on Wednesday 24 April 2013.
Previously, at the end of 2012, Singapore Airlines has acquired 10% stake in Virgin Australia by providing an injection of funds to Virgin Australia Holdings.
According to Goh Choon Phong, both airlines that have established long-term partnership since 2011 that includes codeshare agreements, frequent-flyer program benefits and access to lounges. Singapore Airlines and Virgin Australia also cooperate in providing flight connections, sales and marketing activities and distribution together.
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