China Fishery, Pacific Andes dive on proposed rights issue

Singapore

INVESTORS dumped stocks of China Fishery Group and its largest shareholder Pacific Andes Resources Development on Wednesday following the former's proposal to undertake a rights issue of up to 1.71 billion new shares at an issue price of 17.3 Singapore cents apiece.

This came just after Pacific Andes, which owns a deemed 70.5 per cent stake in China Fishery, also undertook a rights issue recently at a huge discount to its share price.

China Fishery dived 28 per cent to 18.6 Singapore cents on Wednesday, gravitating towards the rights issue price, on active trade of 16.6 million shares. Pacific Andes was the most active stock on Wednesday, falling 7.3 per cent to 5.1 Singapore …