Doha: Well it is rightly said that somebody's loss is somebody's gain as Qatar Airways exploited the post-Brexit slump in shares at British Airways owner IAG to increase its shareholding to 20 percent, the Gulf carrier announced on Monday.
In a statement, Qatar Airways CEO Akbar Al-Baker said his company had raised its 15.01 percent stake to 20.01 percent because of the current state of the market.
Qatar Airways said its interest in IAG was purely financial, but also reflected the strength of the commercial and strategic ties between the companies.
"The recent market valuation of one of the world's leading airline groups has provided what we believe is an attractive opportunity to increase our shareholding in IAG," said Baker.
The move was also announced by Qatar Airways on social media.
It is the fourth time in just three months Qatar has upped its holding in IAG and comes after shares in the company fell following the Brexit vote by the UK to leave the European Union.
IAG shares have fallen by more than 20 percent since the vote on June 23.
There is currently a cap on non-EU shareholders of IAG meaning international investors cannot own more than 49 percent of a European airline.
Qatar Airways has also been increasing stakes in other global carriers. Last month it agreed to buy as much as 10 per cent of Chile’s Latam Airlines and 10 per cent of Meridiana, the Italian carrier.
(With inputs from agencies)