Etihad on buying spree
Neelam Mathews July 26, 2012 Etihad Airways says it has welcomed the decision by the Australian Government to allow the airline to increase its equity stake in Virgin Australia Holdings to a maximum of 10 percent. Etihad Airways currently has a 4.99 percent stake in Virgin Australia, acquired earlier this year, and had applied to the Foreign Investment Review Board (FIRB) to raise the level of its investment. The purchase was made following the development of a highly successful multi-tiered partnership. Etihad Airways and Virgin Australia currently operate 24 flights per week between Australia and Abu Dhabi offering Australian travellers and visitors to Australia greater choice and access to a combined network of more than 285 global destinations. The strategic partnership has already delivered significant revenues to each airline. It is expected that the equity stake in Virgin Australia will lead to further revenue generating opportunities. The first Etiha...