Frozen food processor Pacific Andes International Holdings has been raising its stake in its Singapore-listed subsidiary at a time when other major shareholders are dumping the stock. Executive director Cheng Nai-ming said the parent had bought about 1.5 per cent of Pacific Andes (Holdings) during the past couple of months for an undisclosed amount. He said the purchase boosted the parent's interest in the subsidiary to 71.5 per cent. Shares in Pacific Andes (Holdings) have been on a downward spiral with heavy selling by funds such as American International Assurance. Speaking after the firm's special general meeting, Mr Cheng said: 'We will continue buying the stock as the share price is very reasonable.'