CAPITAL Asia Holdings is looking to spin off its seafood division, Fisherton Holdings. Lee Wai-kit, managing director of Fisherton, said the move would only take place when the company's projects reached greater maturity and when stock market conditions for initial public offerings improved. About 20 to 25 per cent of Hong Kong's seafood consumption was supplied by the company, he said. Its live-seafood division was the company's major profit contributor, but Mr Lee said the company planned to diversify into different product lines to enhance earnings growth. In 1994, seafood operations contributed more than $150 million to the group, but Mr Lee said there was room for further expansion. Live seafood accounts for 60 to 70 per cent of Fisherton's profit. The company planned to maintain a steady increase in the handling of the volume of live seafood. He said declining seafood stocks, the increasing number of fishermen, the growth in food consumption and better fishing equipment were all affecting the industry. This was encouraging the global fishing community to look to aquaculture to increase the supply of seafood. The company has two fish farms in Hong Kong and one in Hainan covering a total sea surface area of 50,000 square metres. Its aquaculture operation accounts for 15 to 20 per cent of the company's profit. Because the risks for aquaculture were substantial as a result of the long lag before profits were made, the company did not plan to expand its area in the near future. Sales from frozen seafood reached $15 million to $20 million last year. Mr Lee expected the figure for the 1995-96 financial year to increase to $50 million to $60 million.