Abu Dhabi’s Etihad Airways raised its stake in Virgin Australia to 4.99 percent, a day after it announced plans to build its holding in the No. 2 Australian carrier.

“Etihad Airways’ equity stake in Virgin Australia Holdings has now reached 4.99 per cent,” Etihad said in a statement on Wednesday.

“The company remains interested in building a larger stake over time but will only do so after receiving the necessary regulatory approvals,” the statement added.

The rapidly-growing Gulf carrier announced on Tuesday that it had bought a 3.96 percent stake in Virgin Australia and planned to increase it stake to at least 10 percent.