Qatar Airways on Monday announced that it has raised its stake in British Airways parent International Consolidated Airlines Group (IAG) to 20.01 percent from the 15.67 percent it held as of July 12. In a statement, the airline said that while it holds a purely financial interest in IAG, the increased shareholding reflects the strength of commercial and strategic ties between the companies and Qatar’s continued support of IAG’s ongoing strategy. Both airlines belong to the Oneworld Alliance.

Although Qatar reiterated it might consider increasing its shareholding within the allowable limits for non-EU shareholders, Qatar Airways Group CEO Akbar Al Baker said he does not intend to do so “unless there are material changes to the current situation.” European Commission rules require that European shareholders own at least 50 percent of airlines based in the EU.

“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 the Qatar statement.

IAG’s stock valuation plummeted by more than 30 percent following a British referendum vote to leave the EU on June 23. Qatar raised its stake to 20.01 percent in IAG, which also owns Ireland’s Aer Lingus and Spain’s Iberia and Veuling, by July 28.

Last month the Doha-based carrier announced it would buy 49 percent of Italy’s Meridiana and 10 percent of South American group LATAM as it tries to match the growth of fellow Gulf carriers Etihad of Abu Dhabi and Dubai’s Emirates.