Pacific Andes group launches two rights issues

The parent company is using a rights issue to obtain capital that will be injected into its Singapore-listed division, which is also raising funds in a separate deal. The fully underwritten offerings will net a combined $216 million.

Hong Kong-listed Pacific Andes International Holdings PAIH and its Singapore-listed subsidiary Pacific Andes Holdings PAH, have each launched a renounceable rights issue to raise HK$566.4 million $73 million and S$228.6 million $143 million respectively. The companies are involved in the supply and distribution of frozen seafood.

PAIH is offering a total of 944 million rights shares at a price of HK$0.60 per share, a 39.4% discount to the closing price of HK$0.99 on May 21, which...

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