pacific-andes-group-launches-two-rights-issues

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 was the last day of trading before the rights issue was announced. Shareholders will be entitled for one rights share for every two existing PAIH shares held.

The PAH offering, meanwhile, consists of 1.52 billion...

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