The latest listing of a Hong Kong company on the Singapore stock market was launched yesterday with the publication of the prospectus for fish marketing group Pacific Andes. The group, a spin-off from Hong Kong-listed Pacific Andes International (PAI), is selling 61.25 million shares at US$0.57 per share. After the sale, PAI will retain a 60 per cent holding in Pacific Andes. The shares on offer are split equally between new shares and vendor shares, with 18.375 million offered for sale and the remainder to be placed privately. The exercise will raise about US$16.5 million for Pacific Andes, which will go towards paying off debts and adding to the company's working capital. The stock will be marketed in Hong Kong as well as Singapore, and directors said yesterday that they expected demand from other countries in the region. At the offer price, and on last year's earnings per share of US$0.62, Pacific Andes shares are being sold on a price-to-earnings multiple of 9.2 times. More than 250 analysts crowded into the Raffles Hotel last night to hear the Pacific Andes board spell out prospects for the group, which has pushed profit attributable to shareholders from HK$6.09 million in 1992 to HK$58.79 million in the year to March. No forecast for profits in the coming year was published in the prospectus, but the directors emphasised the growth potential of its frozen fish products in China. Pacific Andes sources fish from fleets around the world, freezes the catches and markets them. Its biggest market is China, which accounted for 84 per cent of turnover last year. Much of the long-term potential of the group rests on the expected continued growth in China, where increasing affluence and changing dietary patterns were expected to drive demand.