PUBLISHED : Friday, 14 March, 1997, 12:00am
UPDATED : Friday, 14 March, 1997, 12:00am

Food manufacturer and distributor Four Seas Mercantile Holdings is to raise a net $122 million through a share placement and subscription by its controlling shareholder.

News of the placement comes two days after Four Seas agreed to buy 30.79 per cent of Yaohan Food Processing and Trading from Yaohan International for $54.9 million, boosting its stake to 40.18 per cent.

Careful Guide, which together with associates owns 67.59 per cent of Four Seas, is to place 30 million shares or 11 per cent of existing capital, at $4.125 a share to independent investors.