CHINA Fishery Group Ltd raised its offer for the remaining stake in Copeinca, a Peruvian producer of fishmeal and oil, to 4.8 billion Norwegian krone (US$788 million) to expand its business in South America.

Singapore-listed China Fishery has made a new offer through its subsidiary Grand Success Investment Private Ltd at 68.17 krone per share, Oslo-listed Copeinca said in a statement yesterday. Shares of China Fishery Group were halted from trading on the Singapore Stock Exchange yesterday pending the announcement release.

The new offer is a premium of 17.5 percent over the closing price of Copeinca's shares on Friday and a 26.6-percent premium from China Fishery's original offer. It is also 14.2 percent higher than the price offered by Norwegian fish company Cermaq which is also bidding to buy Copeinca.

Cermaq said separately it welcomed China Fishery Group's offer and will sell its shares in Copeinca to the Chinese firm.