pacific-andes-international-completes-rights-issue

Pacific Andes International completes rights issue

The first of two rights issues from the frozen seafood group finishes 136.8% oversubscribed to raise $73 million.

Frozen seafood supplier Pacific Andes International Holdings PAIH, yesterday announced that its rights issue was 136.8% oversubscribed, raising HK$566.4 million $73 million. This is the first of two transactions designed to inject capital into Pacific Andes Holdings, PAIH's Singapore-listed subsidiary.

PAIH received 487 valid acceptances for the 944 million rights shares on offer, representing a subscription rate of 98.07%. There were another 497 excess applications for a further 1.3 billion shares, although approximately 30% of the excess shares were applied for by the controlling shareholder.

The shares were offered at a price of HK$0.60 each, at a ratio of one new share for every two existing ones. The price represents...

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