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 against cash using the authorized capital to issue 500,000 new shares at a price of EUR 1.68 per share.
As a result, the share capital will increase by EUR 500,000.00 to EUR 12,700,000.00. The capital increase will be carried out excluding the right of subscription of the shareholders and subscribed solely by an unrelated individual investor. The new shares shall carry dividend rights for the financial year 2013.
The gross proceeds of the capital increase amounting EUR 840,000 are to be used to support the overall working capital and further growth of the company. Apart from this, the transaction shall broaden the company’s shareholder base.