The Australian Financial Review has reported that Air New Zealand, Singapore Airlines and Etihad Airways will increase their stakes in Virgin Australia holdings after only 25.3 per cent of retail shareholders took up entitlements as part of a $350 million capital raising.
The increase will be marginal, however, with 98 per cent of institutional investors taking up rights. Air NZ will increase from 23 per cent to 24.5 per cent, Singapore Airlines will increase from 19.9 per cent to 21.2 per cent and Etihad Airways will increase from 20 per cent to 21.2.
AFR reported that while Air NZ already has Foreign Investment Review Board approval for its stake, “Etihad and Singapore will need clearance to take control of the shares that will boost their stakes beyond 19.9 per cent.”
