Singapore Air Puts Up Virgin Atlantic Stake

Singapore Airlines is looking to divest its 49% stake in Virgin Atlantic, the trans-Atlantic airline co-owned by Richard Branson. The Singaporian airline has owned the stake for nine years and cited poor returns as the reason for the sale.

State-owned Singapore Air is owned by the state and paid Gbp800m (US$1.6bn) for the stake in 1999.

In 2007, Branson said that he may want to buy back the stake.

At a results briefing, Chew Choon Seng, the chief executive of Singapore Airlines commented on the disposal. “It's not a secret that we regard it as an underperforming investment. We are still reviewing our plans and are open to all reasonable offers,” he said.