Chinese companies tightening hold on Virgin Australia in setback for SIA
Sydney
CHINESE companies strengthened their grip on Virgin Australia Holdings Ltd as a second conglomerate bought a stake in the carrier, handing a blow to key shareholder Singapore Airlines Ltd (SIA).
Nanshan Group will buy 811 million shares, or about 20 per cent of Australia's second-largest airline from Air New Zealand Ltd, the Auckland-based carrier said on Friday. At a purchase price of 33 Australian cents apiece, the sale would value the stake at about A$268 million (S$268.8 million). Nanshan's assets stretch from aluminium to property and include the two-year-old Qingdao Airlines.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
China’s Bank of Communications Q1 profit rises 1.44%
Huawei’s smart car tech offers automakers route to China sales
Electrolux Q1 loss nearly triples on weak demand but beats expectations
DigitalBridge-backed Vantage said to weigh Hong Kong data centres sale
Vietnam delays launch of new stock trading system
Tesla’s plan for affordable cars takes page from Detroit rivals