SIA to book S$322 million gain this fiscal year
Singapore Airlines said it will book a profit of $322 million this fiscal year after the carrier confirmed it's selling its stake in Virgin Atlantic.
SIA has agreed to sell its 49 percent stake in the British carrier to Delta Air Lines.
Under the deal, Delta is paying US$360 million in cash for the stake.
SIA said it has been evaluating strategic options for the stake for some time.
This is because the investment has not performed to expectations.
It added that commercial arrangements with Virgin Atlantic, including code-sharing and frequent-flyer programme ties are expected to remain in place after the divestment.