WINFOONG Investment has proposed a rights issue to raise $276.71 million while reporting a sharp increase in taxed profits for last year to $30.36 million from $1.95 million in 1991. Turnover for the property development and investment firm rocketed to $441.25 million from $58.68 million. Earnings per share were 11.59 cents, against 0.76 cent previously. Directors have recommended a final dividend of four cents a share compared with two cents in 1991. The company said yesterday it intended to raise $276.71 million, before expenses, through a three-for-two rights issue. The issue will involve the creation of 485.45 million new shares, to be subscribed at 57 cents a share. The rights price of 57 cents represents a discount of about 41.2 per cent to the share's close of 97 cents yesterday. Warrants will be attached to the rights shares on a one-for-five basis. The company's majority shareholder, Hong Fok Corp of Singapore, which owns about 194.29 million shares or 60.03 per cent of the issued share capital, has agreed to take its entitlement of 291.44 million rights shares. Smith New Court Far East has agreed to underwrite the balance of the issue, amounting to not less than 194.01 million rights shares. Part of the proceeds from the issue will be used to repay bank borrowings of $38 million incurred in the acquisition of a shop unit in Kwan Yick Building, Central, and of $70 million used to fund the purchase of two properties in China.