Singapore Airlines lifts stake in Virgin SINGAPORE Airlines has lifted its stake in domestic airline Virgin Australia to 19.9 per cent, from 10 per cent. Singapore Airlines said it had acquired 255.5 million shares in Virgin Australia from the Virgin Group at 48 Australian cents per share, for a total of $122.6 million. "Increasing our stake in Virgin Australia is another example of Singapore Airlines' deep commitment to the important Australian market," Singapore Airlines chief executive Goh Choon Phong said today. Singapore Airlines acquired 10 per cent of Virgin Australia in late 2012 through an injection of funds in Virgin Australia. The two airlines entered into a long-term partnership in 2011, encompassing codesharing, reciprocal frequent-flyer program benefits and lounge access, co-ordinated schedules, and joint sales, marketing and distribution activities. The purchase of the additional shares in Virgin Australia is subject to approval from Australia's Foreign Investment Review Board. Shares in Virgin Australia were one cent higher at 46.5 cents at 3.06pm AEST. The move by Singapore Airlines comes a day after Australia's consumer watchdog approved Virgin Australia's proposed acquisition of a 60 per cent stake in budget carrier Tiger Airways Australia. Kimber Capital head of research Greg Fraser said Singapore Airlines wants to have a bigger say in how Virgin Australia develops. "They (Singapore Airlines) clearly have more confidence in the way the company (Virgin Australia) is shaping up, now that they (Virgin Australia) have got Tiger in their end," Mr Fraser said. Air New Zealand holds a stake of about 19 per cent in Virgin Australia, and Etihad Airways has about 10 per cent. Mr Fraser said Singapore Airlines wanted to ensure that a large amount of international travellers going between Australia and Asian destinations travel via the Singapore Airlines/Virgin Australia Alliance. Mr Fraser said that if Virgin Australia completes the acquisition of a 60 per cent stake in Tiger Australia, Virgin Australia will be able to focus on competing with Qantas in the business travel market. Tiger Australia will compete with Jetstar in the budget travel market.