Frozen seafood processor Pacific Andes International Holdings has raised $95 million in a share placement and subscription exercise. NS Hong Investment, which holds 58.96 per cent of Pacific Andes and is linked to the executive directors, yesterday sold 82 million shares, or 17 per cent of the issued share capital, at $1.20 a share to local and foreign investors. Following the placement, NS Hong Investment would subscribe for the same number of new Pacific Andes shares at the same price. The new shares represent 14.53 per cent of the enlarged share capital. The placing price was at a 5.51 per cent discount to the stock's close of $1.27 last Friday. The stock was suspended from trading yesterday and will resume trading today. Finance director Joe Cheng Nai-ming said some shares were placed to mainland enterprises to boost business links across the border. 'The China market has been generating a big chunk of our income. Those enterprises are high-rank units of the Chinese Government with reputable names,' Mr Cheng said. He said no definite co-operative plans were being discussed with the enterprises. The company has about 10 frozen seafood processing contractors in China.