Pacific Andes International Holdings, one of the world's largest producers of frozen fish fillets, has raised $160 million in loans to fund expansion and repay its debt.
The Hong Kong-based company will use $100 million to expand its seafood-processing business and the other $60 million to pay off its debt. It is investing $85 million to launch a new plant in China to boost its fish fillet production by 167 percent, says Financial Controller Dennis Chan Tak-hei. The company operates 20 plants in China, two in Japan and one in the United States.
Additionally, Pacific Andes isn't ruling out the possibility of increasing its stake 41 percent in Singapore-based China Fishery Group, he says.
