Richard Branson's Virgin Group said on Thursday it will not sell any of its shares in Australian carrier Virgin Blue to Patrick Corp at the current offer of AUD$1.90 a share.

Virgin Group holds a 25.57 percent stake in Virgin Blue. The offer closes on Friday.

Australian transport group Patrick, which launched its AUD$1.1 billion (USD$846 million) offer for the shares it did not already own in Virgin Blue in January, achieved a majority stake in the discount airline earlier this month.

Virgin Group said it had "no intention of selling any of its shares under the Patrick Corp offer of AUD$1.90 a share."

"Virgin Blue is well-positioned for the current tough trading conditions," the company said in a statement to the Australian Stock Exchange.

Patrick's offer came nine days after Virgin Blue warned its annual profit would fall, hurt by competition from Jetstar the no-frills offshoot of Qantas Airways.