Singapore Airlines, long suspected of being interested in increasing it stake in Virgin Australia, has been considering a move to acquire at least 51 per cent of the Australian carrier's shares, sources told Street Talk. 
However, Singapore's next move is unclear now that Virgin has brought in cashed-up Chinese group HNA Aviation as a 13 per cent shareholder. Virgin chief executive John Borghetti last week claimed Singapore had backed the deal, but it remains subject to regulatory approvals in China that could take another three to five weeks to complete.
That timetable dovetails interestingly with Air New Zealand boss Christopher Luxon's comments that he was still confident of selling all or part of the Virgin stake by   June 30.
Etihad Airways, the second-biggest shareholder in UBS-advised Virgin behind Air New Zealand, last week was full of praise for the HNA deal, with Etihad boss James Hogan deeming it good news for Virgin and for travellers in China and Australia.
Singapore, by contrast, used far more circumspect language in its public reaction.
"Singapore Airlines currently has a 23.1 per cent stake in Virgin Australia and this will be reduced to 20.1 per cent should the transaction announced by Virgin Australia ... be completed," a Singapore spokesman said. "Singapore Airlines will have no further comment on the matter at this time."
Borghetti brushed off Singapore's lukewarm statement.
"That is normal Singaporean comment which is factual, short and to the point," he said.
Singapore is notoriously guarded in public and chief executive Goh Choon Phong and his offsiders refused to mingle with media at a Star Alliance breakfast event in Zurich on Saturday at which Luxon was present and happily breaking bread with reporters.
Few advisers also have Singapore Airlines' ear with the country's own DBS Bank and Morgan Stanley retaining close links to the airline and its biggest shareholder Temasek Holdings.
Some in the aviation industry think Singapore has its hands full with the merger of Scoot and Tigerair Singapore and might not be too focused on the situation in Australia.
But many others suspect it will not let this opportunity to finally hold a dominant stake in a major Australian carrier fall by the wayside.
In any case, Air New Zealand's confidence in the sales process combined with the prospect of a looming equity raising of up to $800 million means there could be far more changes on the Virgin register in the coming weeks.