| Journal: TWUK | Section: |
| Title: | Issue Date: 01/05/00 |
| Author: | Page Number: 2 |
| Copyright: Other |
SIA acquires 25% stake in ANZ
SINGAPORE Airlines has added to its recently acquired 49% stake in Virgin Atlantic by buying a quarter share in Air New Zealand.The 25% purchase of ANZ gives SIA a strong foothold in the Australasian market as the New Zealand carrier is due to finalise its total buy-out of Ansett Australia this month.
SIA deputy chairman and chief executive Dr Cheong Choong Kong said the investment consolidated the commercial alliance set up between SIA, ANZ and Ansett in 1997.
Dr Cheong is expected to use his influence on the Virgin board to initiate joint co-operation between Sir Richard Branson’s airline and ANZ and Ansett. Partnerships are due from the UK to Asia and in Australia.