Healthy global demand for frozen fish also led the group to post a 38.1 per cent rise in net profit to HK$664 million for its 2009 financial year.

The mainboard-listed firm said on Friday it expects to raise up to S$228.6 million by way of a renounceable underwritten rights issue, and up to S$70.1 million from the exercise of the warrants.

The rights issue is proposed on a renounceable basis of one rights share for every one existing share, and one warrant for every five rights shares subscribed.�

It is subject to shareholders the approval at a special general meeting to be convened, the firm said.

Its executive director and chairman Ng Joo Siang said the world's increasingly healthy dietary habits have continued to drive global demand for fish.

'The outlook for our industry is bright. The additional funding will allow the Company to enlarge its working capital and capital base for general corporate purposes,' he said, adding that the current market turmoil has made tightened availability of external borrowings and increase cost of funding.

The firm is a bright spot amid bleak corporate earnings reported recently. Revenue for the group climbed 12 per cent to HK$7.8 billion for the year, on the back of a boom in its trawling and fishmeal processing business.

The firm did not declare any final dividend to be paid for this financial year in a bit to 'retain cash for future working capital needs'.