Singapore Airlines (SIA) has disclosed that its proposed increase in its stake of Virgin Australia to 19.9% has been approved by the Foreign Investment Review Board (FIRB), which stated that it will not object to the move. SIA will now complete the purchase of an additional 255.5 million shares in Virgin Australia at 48 Australian cents per share, for a total consideration of A$122.6 million (NZ$139.7 million). The transaction is expected to be completed by the end of next week.
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