NZ okays SIA acquisition

Wed, 19 Apr 2000 | Source: DPA

SINGAPORE (DPA): Singapore Airlines (SIA) has received the go- ahead to buy up to 25 per cent of Air New Zealand in a boost to the carrier's hopes of securing a foothold in both the New Zealand and Australian markets, SIA said on Tuesday.

Singapore's national carrier said it had been given the nod from Wellington to acquire "up to 25 per cent of the total ordinary shares of Air NZ in the form of 'B' shares."

Foreign investors are only allowed to acquire "B" shares under the government's guidelines and 25 per cent is the limit that a single foreign airline can hold.

One week ago SIA bought up 8.3 per cent in Air NZ for US$70.2 million, representing a stake of 47 million "B" shares."

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