Thai Union Frozen Products is planning to raise around THB2.2bn (US$70.9m) to help pay for its July acquisition of seafood group MWBrands.

The Thai firm, which is set to become the world’s largest seafood firm with the purchase of MWBrands, will offer up to 44.16m shares at THB50 per share.

The rights issue will be placed at a ratio of 20 existing shares per one new share and will run between 11 and 15 October.

The company also plans to issue EUR60m in convertible debentures to specific investors to help fund the deal for the John West tuna owner.

TUF said it had secured a loan of around EUR360m to help pay for its US$884m acquisition of MWBrands.