The Management Board of FAST Casualwear, a manufacturer of casual footwear and apparel in China, decided with the approval of the Supervisory Board to carry out a capital increase for cash by EUR 880,000.00 to EUR 12,200,000.00 by issuing 880,000 new shares at a price of EUR 1.25 and using the authorized capital.
The capital increase will be carried out excluding the right of subscription of the shareholders and subscribed solely by the major shareholder Mr. Wing Chi Chong. The new shares shall carry dividend rights for the financial year 2012.
The gross proceeds amounting EUR 1,100,000.00 are to be used to support the overall working capital and further growth. In particular, in line with FAST's strategy to expand the distribution network and strengthen the product development of the own brand FAST.
About FAST Casualwear AG
FAST Casualwear AG is the German holding company of FAST Group, a Chinese group of companies engaged in the design, production and sale of casualwear, consisting of footwear and apparel including accessories. It mainly designs and produces casualwear under its own brand name 'FAST', targeting consumers aged between 16 and 35 primarily in the lower tier cities in China.