Etihad Airways has upped its stake in Virgin Australia to the maximum allowed by Australia’s Foreign Investment Review Board.
The Abu Dhabi based carrier now holds a 22.9% stake after spending another A$28.34 million last week.
Just prior to completing the transaction, Etihad chief executive James Hogan was elected to the Virgin board.
Hogan told Virgin investors Etihad was not only a shareholder but also a "long-term and active investor" in Virgin.
"We are committed to playing an active role in supporting Virgin Australia, which is both a quality provider of safe air travel and a robust participant in the Australian market," Hogan said.
Etihad earlier this month received approval for its 49% stake in ailing Italian carrier Alitalia and has made investments in Air Berlin, Aer Lingus, Air Seychelles, Air Serbia and Jet Airways.
Virgin Australia’s other major shareholders are Air New Zealand, Singapore Airlines and the Virgin Group.
