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Singapore Airlines (SIA) on Nov 11 announced that it will transfer all its shares in Virgin Australia Holdings (VAH), which comprises some 20% of the issued and paid-up capital in the latter, to BC Hart Aggregator for no consideration.
The SIA Group’s carrying amount of Virgin Australia has been capped at zero. Virgin Australia’s losses of $36.8 million and other comprehensive income of $137.5 million has not been recognised in SIA’s annual report for the FY ended March 31, 2020 because the group has “no obligation in respect of [Virgin Australia’s] losses”.
