Etihad moves to lift Virgin stake

Etihad Airways has commenced the off-market buying of Virgin Australia Holdings Ltd shares, after the Foreign Investment Review Board approved its bid to lift its stake to 19.9%, The Australian reports.

According to the newspaper, Etihad's chief executive James Hogan confirmed the group had been buying Virgin shares on-market since the approval.

"We are buying on the market at the moment," Mr Hogan told The Australian.

"We are in this for the long-term game so there is no rush."

A disclosure of exactly how many shares Etihad has bought, and to what extent it has lifted its stake, is likely to be revealed in the coming days. As a substantial shareholder in Virgin, Etihad is required to disclose to the market when it increases its holding by more than 1%.