Etihad ups its stake in Virgin Australia

Etihad Airways has increased its stake in Virgin Australia to 10% as it looks to deepen its ties to the Australian market.

Government-backed Etihad said it bought the 221 million shares on the open market in recent months. Financial details weren't disclosed. Etihad first disclosed its stake in Virgin Australia in June.

Australian regulators allowed it to increase its stake in the carrier from 5% to 10% cent in July. Etihad says it doesn't aim to become a majority shareholder in the airline.