FAST Casualwear successfully carried out a capital increase for cash by 880,000 Euros to 12,200,000 Euros issued by 880,000 new shares at a price of 1.25 Euros by using the authorized capital.
The capital increase was 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 1,1 million Euros will strengthen our equity ratio and give us an even better basis to expand our position in the Chinese fashion market. We want to expand the distribution network and strengthen the product development of the own brand FAST", says Chong, CEO of the company.
About FAST Casualwear
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.